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B_Series_SolutionsChap8 Virginia Tech ACIS 2115

Title: B_Series_SolutionsChap8
Type: Notes
School: Virginia Tech
Course: ACIS 2115
Term: Spring

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TO SOLUTIONS EXERCISES - SERIES B - CHAPTER 8 EXERCISE 8-1B a. and c. Hughes Dry Cleaning T-Accounts Assets Cash 2003 2. 8,000 Bal. 8,000 2004 3. 10,000 Bal. 18,000 cl = Liabilities + Stockholders' Equity Retained Earnings 2003 100 cl 10,000 Bal. 9,900 Service Revenue cl 10,000 Accounts Receivable 2003 1. 10,000 2. Bal. 2,000 2004 2. 12,000 1. 3. Bal. 2003 1. 10,000 Bal. -02004 2. 12,000 Bal. 12,000 8,000 80 10,000 Bad Debts Expense 2003 3. Bal. 2004 4. Bal. 3,920 100 cl -0120 120 100 Allow. For Doubt. Accts. 2003 3. Bal. 2004 4. Bal. 100 100 1 1. 80 1202 140 1 2 $10,000 x 1% = $100 $12,000 x 1% = $120 Year 2004 closing entries are not shown. They are not needed to answer the questions 8-61 EXERCISE 8-1B (cont.) b. (1) (2) (3) (4) Net Income for 2003: $9,900 ($10,000 $100) Net Cash Flow from Operating Activities: $8,000 Balance of Accounts Receivable, 12/31/2003: $2,000 Net Realizable Value of Accounts Receivable, 12/31/2003:$1,900 ($2,000 $100) Net Income for 2004: $11,880 ($12,000 $120) Net Cash Flow from Operating Activities: $10,000 Balance of Accounts Receivable, 12/31/2004: $3,920 Net Realizable Value of Accounts Receivable, 12/31/2004: $3,780 ($3,920 $140) c. (1) (2) (3) (4) 8-62 EXERCISE 8-2B Event 1. 2. 3. 4. Assets = Liab. NA NA NA NA + Stk. Equity Ret. Earn. Rev. Exp. NA NA = Net Inc. Cash Flow NA + +/ +/ + NA + NA NA NA + NA + OA NA NA NA + NA NA 8-63 EXERCISE 8-3B a. Analyze the Accounts Receivable account: Accounts Receivable Beginning Balance Plus: Revenue on Account Less: Write-off Less: Ending Balance Collections of Accounts Rec. $ 1,500 7,000 (80) (2,000) $ 6,420 b. Analyze the Allowance for Doubtful Accounts account: Allowance for Doubtful Accounts Beginning Balance Less: Write-off Less: Ending Balance Bad Debts Expense $150 (80) (175) $105 Note to Instructor: This information can also be shown in T-Account format. 8-64 EXERCISE 8-4B Selected T-Accounts: Cash 2008 2b. 900 4. 190,000 Accounts Receivable 12/31/07 Bal. 80,000 2008 2a. 900 1. 3,500 3. 200,000 2b. 900 4. 190,000 Bal. 86,500 Allowance for Doubt Acct. 12/31/07 Bal. 3,000 2008 1. 3,500 2a. 900 5. 4,000 Bal. 4,400 Sales Revenue 2008 3. 200,000 Bad Debts Expense 2008 5. 4,000 2008 transactions: 1. Bad accounts written off: 2a. Reinstated previously written-off accounts: 2b. Collected reinstated accounts: 3. Sales on account: 4. Collections of accounts receivable: 5. Bad Debts Expense (200,000 x 2%): $3,500 900 900 200,000 190,000 4,000 a. (1) Allowance for Doubtful Accounts, 12/31/08: (2) Accounts Receivable, 12/31/08: (3) Net Realizable Value ($86,500 $4,400): b. Bad Debts Expense 2008 ($200,000 x 2%): $ 4,400 86,500 82,100 $4,000 c. The recovery of the previously written off accounts will not affect the income statement. The transaction is an asset exchange transaction. The income statement is only affected when bad debts expense is recognized. 8-65 EXERCISE 8-5B Accounts Receivable Sales Allowance for Doubt. Accts. Chg. Off 300,000 39,750 Coll. Chg. Off 260,000 250 250 Est. Bal. 3,000 2,750 Bal. a. (1) (2) (3) (4) $39,750 (see above) $2,750 $3,000 ($300,000 x 1%) $39,750 $2,750 = $37,000 b. (1) (2) (3) $39,750 (same as above) $250 (the amount charged off) $39,750 (the balance of accounts receivable) 8-66 EXERCISE 8-6B a. Hunan Service Co. Horizontal Statements Model Balance Sheet Assets = Liab. + S. Equity Cash + Acct. Rec. = + Ret. Ear. 10,000 NA (8,000) NA 2,000 + + + + + NA 2,000 NA (70) 1,930 = = = = = NA NA NA NA NA + + + + + 10,000 2,000 (8,000) (70) 3,930 Income Statement Rev. Exp. = Net Inc. Statement of Cash Flows Event 2005 1. 2. 3. 4. Bal. 10,000 2,000 NA NA 12,000 NA NA 8,000 70 8,070 = = = = = 10,000 2,000 (8,000) (70) 3,930 10,000 OA NA (8,000) OA NA 2,000 NC b. Net Income for 2005: $3,930 8-67 EXERCISE 8-6B (cont.) c. Hunan Service Co. General Journal Date 2005 1. 2. 3. 4. Account Titles Cash Service Revenue Accounts Receivable Service Revenue Operating Expenses Cash Bad Debts Expense Accounts Receivable Debit 10,000 10,000 2,000 2,000 8,000 8,000 70 70 Credit 8-68 EXERCISE 8-7B a. Super Day Spa Horizontal Statements Model Balance Sheet Assets = Liab + S. Equity . Cash + Acct. Rec. = + Ret. Ear NA + 114,000 + 114,000 = NA + 114,000 (114,000) = NA + NA Income Statement Rev. = Net Inc. Exp. Statement of Cash Flows Event 1. 2. 120,000 NA 6,000* = 114,000 NA = NA NA 114,000 OA *$120,000 x 5% = $6,000 b. (1) Total assets: Cash (2) Revenue recognized: (3) Cash Flow from Operating Activities: $114,000 $120,000 $114,000 (4) If a business maintains its own accounts receivable, i.e. it sells goods on account, it must incur the cost of investigating customers in order to extend credit. Then, the customer must be sent bills each month. If a customer is slow paying, collection notices must be sent, and finally other collection expense and bad debt charge off may occur. If a business uses credit cards for its credit business, the only expense is the fee charged by the credit card company. 8-69 EXERCISE 8-8B a. & b. Event a. Account Titles Accounts Receivable Credit Card Expense ($3,000 x 4%) Sales Revenue Cash Accounts Receivable Debit 2,880 120 Credit 3,000 2,880 2,880 b. c. Net Income Sales Credit Card Expense Net Income $3,000 (120) $2,880 8-70 EXERCISE 8-9B Note: T-Accounts are provided for the use of the instructor. Assets Cash Sales 140,000 Pur. 95,000 Pd. Bal. = Pd. Liabilities Warranties Payable 200 Est. Bal. + 8,400* 8,200 Stockholders' Equity Sales Revenue Sales 140,000 200 44,800 *$140,000 x 6% = $8,400 Cost of Goods Sold Sold 95,000 Mdse. Inventory Pur. Bal. 95,000 Sold 95,000 -0Est. Warranty Expense 8,400 Lee's Stereos Financial Statements Income Statement Sales Revenue Cost of Goods Sold Gross Margin Warranty Expense Net Income Statement of Cash Flows Cash Flows From Operating Activities: Inflow from Customers Outflow for Inventory Outflow for Warranty Expense Net Cash Flow from Operating Activities Cash Flows From Investing Activities Cash Flows From Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance 8-71 $140,000 (95,000) 45,000 (8,400) $ 36,600 $140,000 (95,000) (200) $44,800 -0-044,800 -0$44,800 EXERCISE 8-9B (cont.) Total warranties liability at the end of the period is $8,200, the balance of the Warranties Payable account. 8-72 EXERCISE 8-10B a. Event Assets = Liab. + S. Equity Est. Pd. NA + NA Rev. Exp. = Net Inc. NA NA + NA NA Cash Flow NA OA Event b. Est. c. Payment Account Titles Warranty Expense Warranties Payable Warranties Payable Cash Debit 1,400 Credit 1,400 596 596 d. Warranty obligations may be uncertain, but they usually represent legal liabilities that must be recognized in the accounts. Recording the estimated expense allows the warranty expense to be matched with the appropriate revenue. 8-73 EXERCISE 8-11B a. Millers Metal Co. T-Accounts, 2005 Assets = Liabilities + Stockholders' Equity Cash Bal. 4,000 1. 4,000 7. 2,000 6. 10,000 8. 16,000 9. 133,200 10. 68,000 11. 2,000 Bal. 63,200 Accounts Receivable Bal. 20,000 3a. 128,000 5. 800 9. 133,200 Bal. 14,000 Allow. For Doubt. Acct. Bal. 1,000 5. 800 12. 1,280 Bal. 1,480 Merchandise Inventory Bal. 40,000 2. 80,000 3b. 76,000 Bal. 44,000 Accounts Payable Bal. 10,000 10. 68,000 2. 80,000 Bal. 22,000 Warranties Payable 7. 2,000 4. 6,400 Bal. 4,400 11. Bal. Common Stock Bal. 20,000 1. 4,000 Bal. 24,000 Retained Earnings Bal. 33,000 Dividends 2,000 2,000 Sales Revenue 3a. 128,000 Bal. 128,000 Cost of Goods Sold 3b. 76,000 Bal. 76,000 Warranty Expense 4. 6,400 Bal. 6,400 Operating Expenses 8. 16,000 Bal. 16,000 Bad Debts Expense 12. 1,280 Bal. 1,280 Interest Expense 13. 300 Bal. 300 Notes Payable 6. 10,000 Bal. 10,000 Interest Payable 13. 300 Bal. 300 4: $128,000 x 5% = $6,400 12: $128,000 x 1% =$1,280 13: $10,000 x 9% =$900; $900 x 4/12 = $300 8-74 EXERCISE 8-11B (cont.) b. Millers Metal Company Financial Statements For the Year Ended December 31, 2005 Income Statement Sales Revenue Cost of Goods Sold Gross Margin Operating Expenses Operating Expenses Warranty Expense Bad Debts Expense Total Operating Expenses Operating Income Interest Expense Net Income Statement of Changes in Stockholders' Equity Beginning Common Stock Plus: Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Less: Dividends Ending Retained Earnings Total Stockholders' Equity $20,000 4,000 $24,000 33,000 28,020 (2,000) 59,020 $83,020 $16,000 6,400 1,280 (23,680) 28,320 (300) $28,020 $128,000 (76,000) 52,000 8-75 EXERCISE 8-11B b. (cont.) Millers Metal Co. Balance Sheet As of December 31, 2005 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Merchandise Inventory Total Assets Liabilities Accounts Payable Warranties Payable Interest Payable Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $24,000 59,020 83,020 $119,720 $ 63,200 $14,000 (1,480) 12,520 44,000 $119,720 $ 22,000 4,400 300 10,000 36,700 8-76 EXERCISE 8-11B b. (cont.) Millers Metal Co. Statement of Cash Flows For the Year Ended December 31, 2005 Cash Flows From Operating Activities: Inflow from Customers Outflow for Inventory Outflow for Expenses* Net Cash Flow from Operating Activities Cash Flows From Investing Activities Cash Flows From Financing Activities: Inflow from Stock Issue Outflow for Dividend Inflow from Loan Net Cash Flow from Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance *$16,000 + $2,000 = $18,000 $133,200 (68,000) (18,000) $47,200 -04,000 (2,000) 10,000 12,000 59,200 4,000 $63,200 8-77 EXERCISE 8-12B (Appendix) Assets Cash 1. 180,0001 2. 55,000 Bal. 235,000 1. Bal. 1 2 = Liabilities Notes Payable 1. Bal. 200,000 200,000 + Stockholders' Equity Service Revenue 2. 55,000 Bal. 55,000 Disc. on Notes Pay. 20,000 5,000 3. 15,000 Interest Expense 3. 15,0002 Bal. 15,000 $200,000 x 10% = $20,000; $20,000 $2,000 = $180,000 $20,000 x 9/12 = $15,000 a. Total Liabilities: Notes Payable Less: Discount on Notes Payable Total Liabilities $200,000 (5,000) $195,000 b. Income Reported on the Income Statement: Service Revenue $55,000 Less: Interest Expense (15,000) Net Income $40,000 c. Cash Flows From Operating Activities: Inflow from Customers $55,000 8-78 EXERCISE 8-12B (cont.) d. Kersey General Journal Date 4/1/04 Account Titles Cash Discount on Notes Payable Notes Payable Interest Expense Discount on Notes Payable Interest Expense Discount on Notes Payable Notes Payable Cash Debit 180,000 20,000 200,000 15,000 15,000 5,000 5,000 200,000 200,000 Credit 12/31/04 3/31/05 3/31/05 8-79 EXERCISE 8-13B (Appendix) a. Event Assets = Cash = 27,000 = Balance Sheet Liabilities Notes Disc. on Pay. NP 30,000 3,000 + S. Equity + Ret. Ear. + NA Income Statement Rev. Exp. = Net Inc. Statement of Cash Flows 1. NA NA = NA 27,000 FA Event Assets = Cash = 30,000 = Balance Sheet Liabilities Notes + Int. Pay. Pay. 30,000 + NA + S. Equity + Ret. Ear. + NA Income Statement Rev. Exp. = Net Inc. Statement of Cash Flows 2. NA NA = NA 30,000 FA b. Discount Note: $30,000 x 10% = $3,000 Interest-bearing Note: $30,000 x 10% = $3,000 c. Discount Note: Principal $27,000 Interest-bearing Note: Principal $30,000 d. Effective Interest Rate = Interest Paid Principal Amount Discount Note: $3,000 $27,000 = 11.11% Interest-bearing Note: $3,000 $30,000 = 10% The effective interest rate is higher for the discount note. Both notes paid the same amount of interest, but only $27,000 of cash was received from the loan for the discount note. 8-80 EXERCISE 8-14B Hopkins Co. General Journal Date a. 7/1/05 Account Titles Cash1 Discount on Notes Payable Notes Payable Interest Expense2 Discount on Notes Payable Interest Expense3 Discount on Notes Payable Notes Payable Cash Debit 35,200 4,800 40,000 2,400 2,400 2,400 2,400 40,000 40,000 Credit b. 12/31/05 c. 6/30/06 6/30/06 1 2 $40,000 x 12% = $4,800; $40,000 $4,800 = $35,200 $4,800 x 6/12 = $2,400 3 $4,800 x 6/12 = $2,400 8-81 SOLUTIONS TO PROBLEMS - SERIES B - CHAPTER 8 PROBLEM 8-15B a. Event Number 2005 1. 2. 3. 4. 2006 1. 2. 3. 4a.* 4b.* 5. 6. b. 2005 and 2006 Effect of Transactions on Financial Statements No. 2005 1. 2. 3. 4. 2006 1. 2. 3. 4a.* 4b.* 5. 6. Assets = + + + + + + + Liab. NA NA NA NA NA NA NA NA NA NA NA + S. Equity + NA + NA NA NA NA Rev. + NA NA NA + NA NA NA NA NA NA Exp. = Net Inc. NA NA + + NA NA NA NA NA + + + NA + NA NA NA NA Cash Flows NA + OA OA NA NA + OA NA NA + OA OA NA Type of Transaction Asset Source Asset Exchange Asset Use Asset Use Asset Source Asset Exchange Asset Exchange Asset Exchange Asset Exchange Asset Use Asset Use *Transaction 4a is the reinstatement of the previously written-off account; 4b is the collection of the account. 8-82 PROBLEM 8-15B (cont.) c. (2005) KC Company Date 2005 1. 2. 3. 4. Account Titles Accounts Receivable Service Revenue Cash Accounts Receivable Operating Expenses Cash Bad Debts Expense* Allowance for Doubtful Accounts Debit 255,000 255,000 159,000 159,000 150,000 150,000 2,550 2,550 Credit *$255,000 x 1% = $2,550 KC Company T-Accounts 2005 Assets Cash 159,000 3. Bal. 9,000 2. 150,000 = 159,000 Stockholders' Equity Service Revenue 1. Bal. 255,000 255,000 Accounts Receivable 1. 255,000 2. Bal. 96,000 Allow. For Doubtful Accounts 4. 2,550 4. Bal. 2,550 Bad Debts Expense 2,550 2,550 Bal. Operating Expenses 150,000 Bal. 150,000 3. 8-83 PROBLEM 8-15B (cont.) d. (2005) KC Company Financial Statements For the Year Ended 2005 Income Statement Service Revenue Expenses Operating Expenses Bad Debts Expense Total Expenses Net Income Statement of Changes in Stockholders' Equity Beginning Common Stock Plus: Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Ending Retained Earnings Total Stockholders' Equity $ -0-0$ -0102,450 102,450 $102,450 -0150,000 2,550 152,550 $102,450 $255,000 8-84 PROBLEM 8-15B d. (cont.) (2005) KC Company Financial Statements Balance Sheet As of December 31, 2005 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Total Assets Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Statement of Cash Flows For the Year Ended December 31, 2005 Cash Flows From Operating Activities: Inflow from Customers Outflow for Expenses Net Cash Flow from Operating Activities Cash Flows From Investing Activities Cash Flows From Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance $159,000 (150,000) $9,000 -0-09,000 -0$9,000 $ $96,000 (2,550) 9,000 93,450 $102,450 $ -0- $ -0102,450 102,450 $102,450 8-85 PROBLEM 8-15B (cont.) e. (2005) KC Company Date 2006 1. 2. Account Titles Closing Entries Service Revenue Retained Earnings Retained Earnings Operating Expenses Bad Debts Expense Debit 255,000 255,000 152,550 150,000 2,550 Credit KC Company T-Accounts 2005 Closing Entries Assets Cash Bal. = Stockholders' Equity Retained Earnings 2. 152,550 1. 255,000 Bal. 102,450 96,000 Accounts Receivable Bal. 9,000 Allowance for Doubtful Accounts Bal. Service Revenue 1. 255,000 Bal. 255,000 Bal. -0- 2,550 Operating Expenses Bal. 150,000 2. Bal. 150,000 -0- Bad Debts Expense Bal. Bal. 2,550 2. -0- 2,550 8-86 PROBLEM 8-15B e. (cont.) (2005) KC Company After-Closing Trial Balance December 31, 2005 Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Retained Earnings Totals Debit $ 9,000 96,000 $ 2,550 102,450 $105,000 $105,000 Credit 8-87 PROBLEM 8-15B (cont.) c. (2006) KC Company Date 2006 1. 2. 3. 4a. 4b. 5. 6. Account Titles Accounts Receivable Service Revenue Cash Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable Accounts Receivable Allowance for Doubtful Accounts Cash Accounts Receivable Operating Expenses Cash Bad Debts Expense* Allowance for Doubtful Accounts Debit 408,000 408,000 411,000 411,000 1,800 1,800 600 600 600 600 126,000 126,000 2,040 2,040 Credit *$408,000 x .5% = $2,040 8-88 PROBLEM 8-15B c. (cont.) (2006) KC Company T-Accounts 2006 Assets Cash Bal. 9,000 2. 411,000 5. 126,000 4b. 600 Bal. 294,600 Bal. 91,200 = Stockholders' Equity Retained Earnings Bal. 102,450 Accounts Receivable Bal. 96,000 1. 408,000 2. 4a. 600 3. 4b. 411,000 1,800 600 Service Revenue 1. 408,000 Bal. 408,000 Allow. For Doubtful Accounts Bal. 3. 1,800 4a. 6. Bal. 2,550 600 2,040 3,390 5. Operating Expenses 126,000 Bal. 126,000 Bad Debts Expense 6. Bal. 2,040 2,040 8-89 PROBLEM 8-15B d. (2006) KC Company Financial Statements For the Year Ended 2006 Income Statement Service Revenue Expenses Operating Expenses Bad Debts Expense Total Expenses Net Income Statement of Changes in Stockholders' Equity Beginning Common Stock Plus: Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Ending Retained Earnings Total Stockholders' Equity $ -0-0$ 102,450 279,960 382,410 $382,410 -0$126,000 2,040 (128,040) $279,960 $408,000 8-90 PROBLEM 8-15B d. (cont.) (2006) KC Company Statements Financial Balance Sheet As December 31, 2006 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Total Assets Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Statement of Cash Flows For the Year Ended December 31, 2006 Cash Flows From Operating Activities: Inflow from Customers Outflow for Expenses Net Cash Flow from Operating Activities Cash Flows From Investing Activities Cash Flows From Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance $411,600 (126,000) $285,600 -0-0285,600 9,000 $294,600 $ -0382,410 382,410 $382,410 $294,600 $ 91,200 (3,390) 87,810 $382,410 $ -0- 8-91 PROBLEM 8-15B (cont.) e. (2006) KC Company Date 2006 1. 2. Account Titles Closing Entries Service Revenue Retained Earnings Retained Earnings Operating Expenses Bad Debts Expense Debit 408,000 408,000 128,040 126,000 2,040 Credit KC Company T-Accounts 2006 Closing Entries Assets Cash Bal. 294,600 Accounts Receivable Bal. 91,200 2. Allow. For Doubtful Accounts Bal. 3,390 = Stockholders' Equity Retained Earnings Bal. 102,450 128,040 1. 408,000 Bal. 382,410 Service Revenue 408,000 Bal. 408,000 Bal. -0- 1. Operating Expenses Bal. 126,000 2. 126,000 Bal. -0Bad Debts Expense Bal. 2,040 2. 2,040 Bal. -0- 8-92 PROBLEM 8-15B e. (cont.) (2006) KC Company After-Closing Trial Balance December 31, 2006 Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Retained Earnings Totals Debit $294,600 91,200 $ 3,390 382,410 $385,800 $385,800 Credit 8-93 PROBLEM 8-16B a. Sales on Account Less: Ending Balance of Accounts Receivable Collections of Accounts Receivable $300,000 (58,000) $242,000 b. c. Sales on Account $300,000 x 1% = $3,000 of Bad Debts Expense Wells Appliance Co. General Journal, 2006 Event 1. 2. 3. Account Title Accounts Receivable Service Revenue Cash Accounts Receivable Bad Debts Expense Allowance for Doubtful Accounts Debit 300,000 300,000 242,000 242,000 3,000 3,000 Credit d. Accounts Receivable Ending Balance Less: Allowance for Doubtful Accounts Net Realizable Value of Accounts Receivable $58,000 (3,000) $55,000 8-94 PROBLEM 8-16B (cont.) e. Wells Appliance Co. Effect of Events on Financial Statements Event 1. 2. 3. Totals Cash NA 242,000 NA 242,000 + + + + + Assets Acct. Rec. 300,000 (242,000) NA 58,000 Allow. NA NA 3,000 3,000 = Liab. + S. Equity = NA + Ret. Earn. = NA + 300,000 = NA + NA = NA + (3,000) = -0- + 297,000 Rev. 300,000 NA NA 300,000 Exp. = NA NA 3,000 3,000 = = = = Net Inc. 300,000 NA (3,000) 297,000 Cash Flows NA 242,000 OA NA 242,000 8-95 PROBLEM 8-17B a. Effect of Transactions on Financial Statements No. 2005 1. 2. 3a. 3b. 3c. 3d. 4. 5. 6. 7. 8. Assets = Liabilities + S. Equity + + + + + + + NA NA NA NA NA NA NA NA NA NA + NA + NA + + + NA NA Rev. NA NA + + + NA NA NA NA NA NA Exp. = Net Inc. NA NA NA + NA + NA NA + + + NA NA + + + NA NA Cash Flows + + FA OA OA NA NA NA OA OA NA NA OA + + Legend: 3a. Cash Sales 3b. Credit Card Sales (remember that the credit card expense is recorded) 3c. Sales on Account 3d. Cost of Goods Sold 8-96 PROBLEM 8-17B (cont.) b. Northeast Sales General Journal, 2005 Date 1. 2. 3a. 3b. Account Titles Cash Common Stock Merchandise Inventory Cash Cash Sales Revenue Accounts Receivable - Credit Card Co. Credit Card Expense ($500,000 x 4%) Sales Revenue Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory Cash Accts Receivable - Credit Card Co. Cash Accounts Receivable Bad Debts Expense Accounts Receivable Warranty Expense Warranties Payable Selling and Administrative Expense Cash Debit 500,000 500,000 1,200,000 1,200,000 600,000 600,000 480,000 20,000 500,000 500,000 500,000 900,000 900,000 480,000 480,000 400,000 400,000 5,000 5,000 4,500 4,500 100,000 100,000 Credit 3c. 3d. 4. 5. 6. 7. 8. 8-97 PROBLEM 8-17B b. (cont.) Northeast Sales T-Accounts Assets Cash 1. 500,000 2. 1,200,000 3a. 600,000 8. 100,000 4. 480,000 5. 400,000 Bal. 680,000 Accounts Receivable 3c. 500,000 5. 400,000 6. 5,000 Bal. 95,000 = Liabilities Warranties Payable 7. 4,500 Bal. 4,500 + Stockholders' Equity Common Stock 1. 500,000 Bal. 500,000 Sales Revenue 3a. 600,000 3b. 500,000 3c. 500,000 Bal. 1,600,000 Cost of Goods Sold 3d. 900,000 Bal. 900,000 Bad Debts Expense 5,000 5,000 Accts Rec. Credit Card 3b. 480,000 4. 480,000 Bal. -0Merchandise Inventory 2. 1,200,000 3d. 900,000 Bal. 300,000 6. Bal. Credit Card Expense 3b. 20,000 Bal. 20,000 Warranty Expense 4,500 4,500 7. Bal. Selling & Adm. Expenses 8. 100,000 Bal. 100,000 8-98 PROBLEM 8-17B (cont.) c. Northeast Sales Financial Statements For the Year Ended 2005 Income Statement Sales Revenue Cost of Goods Sold Gross Margin Operating Expenses Bad Debts Expense Credit Card Expense Warranty Expense Selling & Adm. Expenses Total Operating Expenses Net Income Statement of Changes in Stockholders' Equity Beginning Common Stock Plus: Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Ending Retained Earnings Total Stockholders' Equity $ -0500,000 $ 500,000 -0570,500 570,500 $1,070,500 $ 5,000 20,000 4,500 100,000 (129,500) $ 570,500 $1,600,000 (900,000) 700,000 8-99 PROBLEM 8-17B c. (cont.) Northeast Sales Balance Sheet As of December 31, 2005 Assets Cash Accounts Receivable Merchandise Inventory Total Assets Liabilities Warranties Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $500,000 570,500 1,070,500 $1,075,000 $680,000 95,000 300,000 $1,075,000 $ 4,500 8-100 PROBLEM 8-17B c. (cont.) Northeast Sales Statement of Cash Flows For the Year Ended December 31, 2005 Cash Flows From Operating Activities: Inflow from Customers1 Outflow for Inventory Outflow for Expenses Net Cash Flow from Operating Activities Cash Flows From Investing Activities Cash Flows From Financing Activities: Cash Inflow from Stock Issue Net Cash Flow from Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance 1 $1,480,000 (1,200,000) (100,000) $180,000 -0500,000 500,000 680,000 -0$680,000 Cash Sales Collection of Credit Card Sales Collection of Accounts Receivable Total Inflow from Customers $ 600,000 480,000 400,000 $1,480,000 8-101 PROBLEM 8-18B Type of Event Event a. AE b1.* AS b2. AU c. AE d. AS/AE e. AS f. AU g. AU h. AS i. AU j. AS k. AS l. AU m. CE n. AE o. CE Common Stock NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA Assets + + + +(+) + + + + NA Liabilities NA NA NA NA NA NA Retained Net Earnings Income NA NA Cash Flow NA NA + NA + NA + + NA + + NA NA NA + NA NA + NA NA + NA NA + + + + + NA NA NA + NA + NA + NA + NA + NA + *b1. recognizes sales revenue; b2. recognizes cost of goods sold. 8-102 PROBLEM 8-19B Belmont Equipment Co. Income Statement For the Year Ending December 31, 2003 Sales Revenue Cost of Goods Sold Gross Margin Operating Expenses Salaries Expense Operating Expenses Warranty Expense Bad Debts Expense Total Operating Expenses Operating Income Non-Operating Items Interest Revenue Interest Expense Gain on Sale of Equipment Total Non-Operating Items Net Income 4,200 (24,000) 6,400 (13,400) $ 59,400 $96,000 70,000 3,400 10,800 (180,200) 72,800 $396,000 (143,000) 253,000 8-103 PROBLEM 8-19B (cont.) Belmont Equipment Co. Balance Sheet As of December 31, 2003 Assets Current Assets Cash Accounts Receivable Less: Allow. for Doubtful Accounts Merchandise Inventory Interest Receivable Prepaid Rent Supplies Notes Receivable Total Current Assets Property, Plant and Equipment Equipment Less: Accumulated Depreciation Land Total Property, Plant and Equipment Total Assets Liabilities and Stockholders' Equity Current Liabilities Accounts Payable Unearned Revenue Warranties Payable Interest Payable Salaries Payable Total Current Liabilities Long-Term Liabilities Notes Payable Total Long-Term Liabilities Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 40,000 61,800* 101,800 $316,300 $ 46,000 52,600 1,300 1,800 9,200 $110,900 103,600 103,600 214,500 $ 17,800 $90,000 (4,000) 86,000 122,800 500 9,600 1,600 12,000 $250,300 60,000 (30,000) 30,000 36,000 66,000 $316,300 *Must be computed: $10,400, Beg. Retained Earnings + $59,400, Net Income $8,000, Dividends= $61,800, Ending Retained Earnings 8-104 PROBLEM 8-20B a. T-Accounts provided for the use of the instructor. Accounts Receivable 30,000 170,000 Write-offs Coll 34,000 Bal. Chg. Sales End. Bal. 1,400 164,600 Allowance for Doubtful Accounts Bal. Write-offs 1,400 Exp. End. Bal. 1,800 1,300 1,700 Cash collected: $164,600 Bad Debts Expense: $1,300 Net Realizable Value: $34,000 $1,700 = $32,300 b. Note: T-Account provided for the use of the instuctor. Warranties Payable Bal. 4,600 Exp. End. Bal. Cash Paid 4,000 3,600 3,000 Cash paid for warranties: $4,600 c. Note: T-Accounts provided for the use of the instructor. Notes Payable Bal. End. Bal. Interest Payable Bal. 2,400 End. Bal. 40,000 40,000 1,200 3,600 Exp. Interest recognized for the period: $2,400 ($40,000 x 6%) Cash paid for interest: $-0- 8-105 PROBLEM 8-21B a. Candles, Etc., Inc. General Journal Date 1. 2a. 2b. 3a. 3b. 4a. Account Titles Merchandise Inventory Accounts Payable Accounts Receivable Sales Revenue Cost of Goods Sold Merchandise Inventory Cash Sales Revenue Cost of Goods Sold Merchandise Inventory Accounts Receivable - Credit Card Co. Credit Card Expense ($180,000 x 4%) Sales Revenue Cost of Goods Sold Merchandise Inventory Cash Accounts Receivable Accounts Payable Cash Selling and Administrative Expenses Cash Cash Accounts Receivable - Cr. Card Co. Debit 420,000 420,000 480,000 480,000 288,000 288,000 240,000 240,000 144,000 144,000 172,800 7,200 180,000 108,000 108,000 526,000 526,000 540,000 540,000 134,000 134,000 172,800 172,800 Credit 4b. 5. 6. 7. 8. 8-106 PROBLEM 8-21B a. (cont.) Candles, Etc., Inc. General Journal Date 9. 10. Account Titles Cash Notes Payable Allowance for Doubtful Accounts Accounts Receivable Adjusting Entries 11a. 11b. 11c. Bad Debts Expense1 Allowance for Doubtful Accounts Interest Expense2 Interest Payable Warranty Expense Warranties Payable 4,800 4,800 2,800 2,800 1,800 1,800 Debit 48,000 48,000 7,200 7,200 Credit 1 2 $480,000 x 1% = $4,800 $48,000 x 10% = $4,800; $4,800 x 7/12 = $2,800 8-107 PROBLEM 8-21B a. (cont.) Candles Etc., Inc. T-Accounts Assets Bal. = Liabilities Accounts Payable Bal. 142,000 540,000 1. 420,000 Bal. 22,000 Warranties Payable 11c. 1,800 Bal. 1,800 Interest Payable 11b. 2,800 Bal. 2,800 Notes Payable 9. 48,000 Bal. 48,000 + Stockholders' Equity Common Stock Bal. 720,000 Retained Earnings Bal. 108,000 Sales Revenue 2a. 480,000 3a. 240,000 4a. 180,000 Bal. 900,000 Cost of Goods Sold 288,000 144,000 108,000 540,000 3a. 5. 8. 9. Bal. Cash 118,000 240,000 6. 526,000 7. 172,800 48,000 430,800 540,000 134,000 6. Accounts Receivable Bal. 172,000 2a. 480,000 5. 526,000 4a. 172,800 8. 172,800 10. 7,200 Bal. 118,800 Allow. for Doubt. Acc. Bal. 10,000 10. 7,200 11a. 4,800 Bal. 7,600 Merchandise Inventory Bal. 690,000 1. 420,000 2b. 288,000 3b. 144,000 4b. 108,000 Bal. 570,000 2b. 3b. 4b. Bal. Credit Card Expense 4a. 7,200 Bal. 7,200 Selling & Adm. Exp. 7. 134,000 Bal. 134,000 Bad Debts Expense 11a. 4,800 Bal. 4,800 Warranty Expense 11c. 1,800 Bal. 1,800 Interest Expense 11b. 2,800 Bal. 2,800 8-108 PROBLEM 8-21B a. (cont.) Candles, Etc., Inc. Financial Statements For the Year Ended December 31, 2007 Income Statement Sales Revenue Cost of Goods Sold Gross Margin Operating Expenses Bad Debts Expense Credit Card Expense Warranty Expense Selling and Admin. Expenses Total Operating Expenses Operating Income Less: Non-operating Items Interest Expense Net Income Statement of Changes in Stockholders' Equity Beginning Common Stock Plus: Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Ending Retained Earnings Total Stockholders' Equity $720,000 -0$ 720,000 108,000 209,400 317,400 $1,037,400 $ 4,800 7,200 1,800 134,000 (147,800) 212,200 (2,800) $209,400 $900,000 (540,000) 360,000 8-109 PROBLEM 8-21B a. (cont.) Candles, Etc., Inc. Balance Sheet As of December 31, 2007 Assets Cash Accounts Receivable Less: Allowance for Doubtful Accounts Merchandise Inventory Total Assets Liabilities Accounts Payable Warranties Payable Interest Payable Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $720,000 317,400 1,037,400 $1,112,000 $430,800 $118,800 (7,600) 111,200 570,000 $1,112,000 $ 22,000 1,800 2,800 48,000 74,600 8-110 PROBLEM 8-21B a. (cont.) Candles, Etc., Inc. Statement of Cash Flows For the Year Ended December 31, 2007 Cash Flows From Operating Activities: Inflow from Customers* Outflow for Inventory Outflow for Expenses Net Cash Flow from Operating Activities Cash Flows From Investing Activities Cash Flows From Financing Activities: Cash Inflow from Loan Net Cash Flow From Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance *Cash Sales Collection of Accounts Receivable Credit Card Sales Collection Total Inflow from Customers b. Net Realizable Value: $240,000 526,000 172,800 $938,800 48,000 48,000 312,800 118,000 $430,800 $938,800 (540,000) (134,000) $264,800 -0- $111,200 ($118,800 $7,600). c. Bad Debts Expense using Direct Write-off Method: $7,200 8-111 PROBLEM 8-22B (Appendix) a. White & Company Effect of Transactions on Financial Statements No. 2006 1 2. 3. 4. 2007 1. 2. 3a. 3b. Assets = + + NA + NA Liab. + NA NA + NA NA + + S. Equity NA + + NA Rev. NA + NA NA + NA NA NA Exp. = Net Inc. NA NA + + NA + + NA NA + + NA Cash Flows + + FA OA OA NA OA OA NA OA,FA + 8-112 PROBLEM 8-22B (cont.) (Appendix) b. White & Company General Journal 2006 and 2007 Date 2006 Account Titles Cash Discount on Notes Payable1 Notes Payable Cash Service Revenue Operating Expenses Cash Interest Expense2 Discount on Notes Payable Closing Entries Debit 180,000 20,000 Credit 1. 200,000 336,000 336,000 132,000 132,000 10,000 10,000 2. 3. 4. 5. cl. cl. Service Revenue Retained Earnings Retained Earnings Operating Expenses Interest Expense Cash Service Revenue Operating Expenses Cash Interest Expense3 Discount on Notes Payable Notes Payable Cash 336,000 336,000 142,000 132,000 10,000 984,000 984,000 416,000 416,000 10,000 10,000 200,000 200,000 2007 1. 2. 3a. 3b. 1 2 $200,000 x 10% = $20,000 $20,000 x 6/12 = $10,000 3 $20,000 x 6/12 = $10,000 8-113 PROBLEM 8-22B b. (cont.) (Appendix) White & Company General Journal 2006 and 2007 Date 2007 4. cl cl Account Titles Closing Entries Service Revenue Retained Earnings Retained Earnings Operating Expenses Interest Expense 984,000 984,000 426,000 416,000 10,000 Debit Credit 8-114 PROBLEM 8-22B b. (cont.) (Appendix) White & Company T-Accounts Assets Cash 2006 1. 180,000 3. 2. 336,000 Bal. 384,000 = Liabilities Notes Payable 2006 + Stockholders' Equity Retained Earnings 2006 cl 142,000 cl 336,000 Bal. 194,000 2007 cl 426,000 cl 984,000 Bal. 752,000 Service Revenue 2006 cl 336,000 2. 2007 cl 984,000 1. Bal. 132,000 2007 3b. 200,000 416,000 200,000 1. Bal. 200,000 200,000 2007 1. 984,000 2. 3b. Bal. -0- Bal. 752,000 Discount on Notes Pay. 2006 1. 20,000 4. 10,000 Bal. 10,000 2007 3a. 10,000 Bal. -0- 336,000 Bal. -0984,000 -0- Operating Expenses 2006 3. 132,000 cl 132,000 Bal. -02007 2. 416,000 cl 416,000 Bal. -0Interest Expense 2006 4. 10,000 cl Bal. -0- 10,000 2007 3a. 10,000 cl Bal. -0- 10,000 8-115 PROBLEM 8-22B (cont.) (Appendix) c. White & Company Financial Statements Income Statements 2006 Service Revenue Expenses Operating Expenses Interest Expense Total Expenses Net Income $336,000 132,000 10,000 (142,000) $194,000 2007 $984,000 416,000 10,000 (426,000) $558,000 Statements of Changes in Stockholders' Equity 2006 Beginning Common Stock Plus: Stock Issued Ending Common Stock Beginning Retained Earnings Plus: Net Income Ending Retained Earnings Total Stockholders' Equity $ -0-0-0-0194,000 194,000 $194,000 2007 $ -0-0-0- 194,000 558,000 752,000 $752,000 8-116 PROBLEM 8-22B c. (cont.) (Appendix) White & Company Balance Sheets 2006 Assets Cash Total Assets Liabilities Notes Payable Less: Discount on Notes Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $384,000 $384,000 $200,000 (10,000) 190,000 -0194,000 194,000 $384,000 2007 $752,000 $752,000 $ -0-0-0- -0752,000 752,000 $752,000 8-117 PROBLEM 8-22B c. (cont.) (Appendix) White & Company Statements of Cash Flows 2006 Cash Flows From Operating Activities: Inflow from Customers Outflow for Expenses Ouflow for Interest Net Cash Flow from Operating Activities Cash Flows From Investing Activities Cash Flows From Financing Activities: Cash Inflow from Loan Cash Outflow to Repay Loan Net Cash Flow From Financing Activities Net Change in Cash Plus: Beginning Cash Balance Ending Cash Balance $336,000 (132,000) -0204,000 -0180,000 -0180,000 384,000 -0$384,000 2007 $984,000 (416,000) (20,000) 548,000 -0-0(180,000) (180,000) 368,000 384,000 $752,000 8-118

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Path: Colorado >> GEOL >> 1010 Spring, 2008

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Path: Colorado >> EMUS >> 1832 Spring, 2008

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Path: Colorado >> GEOL >> 1010 Spring, 2008

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Path: Colorado >> GEOL >> 1010 Spring, 2008

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Path: Colorado >> PHIL >> 1100 Spring, 2008

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Path: Colorado >> EMUS >> 1832 Spring, 2008

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Path: Colorado >> EMUS >> 1832 Spring, 2008

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Path: Colorado >> EMUS >> 1832 Spring, 2008

Description: Blues (read chapter, since missed first day)2/18/2008 9:20:00 AM A field holler was sung by a worker in the field Typical characteristics of the blues .not the triple meter. Yes for lyrics in an A A B pattern, Syncopated rhythm, raspy sounding vocals...

Ch 5
Path: Colorado >> EMUS >> 1832 Spring, 2008

Description: Ch. 5 Timbre and Instrumentation 2/1/2008 9:40:00 AM Timbre/Tone Color = specific character or quality of sound of each instrument/voice Produced by overtones Musical Instruments Energy Source air, bow, pluck Vibrating Element reed, lips, air, s...

Groundwater chapter 17
Path: Colorado >> GEOL >> 1010 Spring, 2008

Description: Groundwater chapter 17 Major Reservoirs of water in 10^15 kg Atmosphere 13.5 3/3/2008 12:29:00 PM Land 16000 Cryosphere (ice and snow) 43,000 Oceans 1,400,000\\ Why we care: Groundwater as a resource ~40% of all water used Domestic use: 50% of total...

Weathering and Soil
Path: Colorado >> GEOL >> 1010 Spring, 2008

Description: Weathering and Soil Half life: Time required for Radioisotopes Remaining to Decay o Ex: 40 K turns into 40 Ar # of 1000 Parent Atoms 500 250 0 D/P = 7 1 2 3 Time of Half lives 4 2/24/2008 4:32:00 PM Dark circle= # of Parent atoms open circle = # o...

Gay Sex
Path: Colorado >> PHIL >> 1100 Spring, 2008

Description: Gay Sex 2/22/2008 11:03:00 AM \"Why shouldn\'t Tommy and Jim Have Sex? A defense of Homosexuality\" by John Corvino Corvino reasons that T & J should have sex o It\'s pleasurable o It\'s good for their relationship and for them Argument. Homosexual Sex ...

Review Sheet filled
Path: Colorado >> PHIL >> 1100 Spring, 2008

Description: Review Sheet filled 3/18/2008 10:53:00 PM Aristotle Notion of happiness or eudaimonia (flourishing) o o o o o Happiness is highest/most complete good It is pursued for itself Other things are pursued for the sake of it It is not pursued for the sak...

Geologic Time
Path: Colorado >> GEOL >> 1010 Spring, 2008

Description: Geologic Time In what order did things occur? Relative dating How long ago did a particular event happen Absolute dating Both used together Principles of Relative Dating 2/13/2008 11:58:00 AM Sediments start out flat.horizontally (Principle of orig...

Earthquakes
Path: Colorado >> GEOL >> 1010 Spring, 2008

Chap 2 cont
Path: Colorado >> EMUS >> 1832 Spring, 2008

Description: Chapter 2 continued Other Meters Complex 1234567 1234567 (or other unusual number) so could go 12345 1/18/2008 9:45:00 AM Compound 123456 123456 (subdivided into groups of 3) .suttle accent at 4 Polymeter several meters at once Mixed Meter changi...

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