Quiz# 3-1
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Quiz# 3-1

Course Number: ACOOUNTING 3, Spring 2011

College/University: Georgian

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Intermediate Accounting Quiz # 3 Group# Date: Name: Mejarus Co.'s adjusted trial balance at December 31, 2001, includes the following account balances: Common Stock, $3 par.................................... Additional PaidIn Capital.................................. Treasury Stock, at cost.................................... Net Unrealized Loss on Available-forSale...

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Accounting Quiz Intermediate # 3 Group# Date: Name: Mejarus Co.'s adjusted trial balance at December 31, 2001, includes the following account balances: Common Stock, $3 par.................................... Additional PaidIn Capital.................................. Treasury Stock, at cost.................................... Net Unrealized Loss on Available-forSale Securities.............................................. Retained Earnings: Appropriated for Uninsured Earthquake Losses..................... Retained Earnings: Unappropriated................ $ 360,000 480,000 30,000 12,000 90,000 120,000 What amount should Mejarus report as total stockholders' equity in its December 31, 2001, balance sheet? Hogi-Yogi Co. has total debt of $252,000 and stockholders' equity of $420,000. Hogi-Yogi is seeking capital to fund an expansion. Hogi-Yogi is planning to issue an additional $180,000 in common stock, and is negotiating with a bank to borrow additional funds. The bank requires a maximum debt ratio of .75. What is the maximum additional amount Hogi-Yogi will be able to borrow after the common stock is issued? The accounts and balances shown below were gathered from Paynter Corporations trial balance on December 31, 2001. All adjusting entries have bee made Wages Payable.. $ 25,600 Cash. 17,700 Mortgage Payable. 151,600 Dividends Payable. 14,000 Prepaid Rent...........................................................13,600 Inventory.................................................................81,800 Sinking Fund Assets...............................................52,400 Short-Term Investments.........................................15,200 Premium on Bonds Payable.....................................4,600 Stock Investment in Subsidiary............................102,400 Taxes Payable........................................................22,800 Accounts Payable...................................................24,800 Accounts Receivable.......................................36,600The What amount that should be reported as current assets on Paynter Corporations balance sheet? Given the following transactions for Expert Consulting Corporation, prepare a trial balance, Balance sheet and Income Statement as of August 31, 2006, a. b. Owner invested $22,000 cash and truck with a value of $9,500 into the business. The corporation purchased equipment by paying $1,000 down and signing a note for the remainder of $17,500. c. The corporation purchased supplies on account, $450. d. The corporation rented office space paying one months rent, $850. e. The corporation performed services for a customer on account, $2,000. f. The corporation performed services for a customer and immediately collected $800 cash. g. The corporation paid employees salaries of $1,200. The trial balance of Nix Insurance Inc., Agency, at August 31, 20x5, and the data needed for the month-end adjustments follow. a. b. c. d. e. f. Prepaid rent still in force at August 31, $1,050. Supplies used during the month, $140. Depreciation on furniture for the month, $370. Depreciation on building for the month, $130. Accrued salary expense at August 31, $460. Unearned commission revenue still unearned at August 31, $7,750. Nix Insurance Agency, Inc. Trial Balance August 31, 20X5 Account Title Debit Cash. ............................................................................................. $ 6,800 Accounts receivable....................................................................... 17,560 Prepaid rent................................................................................... 1,290 Supplies.......................................................................................... 900 Furniture......................................................................................... 15,350 Accumulated depreciation-furniture................................................ Building........................................................................................... 89,900 Accumulated depreciation-building................................................. Accounts payable........................................................................... Salary payable................................................................................ Unearned commission revenue ..................................................... Common stock................................................................................ Retained earnings.......................................................................... Dividends........................................................................................ 4,800 Commission revenue...................................................................... Salary expense............................................................................... 1,600 Rent expense................................................................................. Utilities expense............................................................................. 410 Depreciation expense-furniture...................................................... Depreciation expense-building....................................................... Advertising expense....................................................................... 650 Supplies expense........................................................................... Total....................................................................................$139,260 Required: 1. Journalize the adjusting and closing entries. 2. Prepare the classified balance sheet. Credit $ 12,800 28,600 6,240 8,900 20,000 54,920 7,800 $139,260

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