Study guide course part 3 - Omit all general journal entry explanations Be sure to include correct dollar signs commas underlines and double-underlines

Study guide course part 3 - Omit all general journal entry...

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Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines where required. Question 1 (40 points) XYZ Company's December 31, 2015, trial balance is as follows: XYZ Company Trial Balance December 31, 2015 Account Debit Credit Cash $ 43,500 Accounts Receivable 53,500 Allowance for Doubtful Accounts 1,500 Notes Receivable 30,000 Merchandise Inventory 55,000 Land 20,000 Building 150,000 Accumulated Depreciation, Building $ 15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long-Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized and outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,00 0 $1,003,00 0 XYZ is a small company and records adjusting entries and closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded. Additional Information: a.Notes Receivable is a 3-month, 6% note accepted on November 1, 2015.
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b.Long-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015. Interest is payable annually.c.Building is depreciated at 3% per year. There is no salvage value.d.Equipment is depreciated at 15% per year. There is no salvage value.e.XYZ discovered, on December 30, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.f.The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.g.Salaries for the last half of December, payable in January, amount to $5,500. h. XYZ estimates that of the Accounts Receivable, 5% will not be collectable. Required: Question 1 options: Skip Toolbars for . More Insert actions. Show All Components Save XYZ Company uses the period method and had the following inventory events during January: Date Units Purchased Unit Cost Date Units Sold Unit Sales Price
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Jan. 1 150 $7.00Jan. 2 100 $10.00 Jan. 5 225 7.20Jan. 7 125 10.00 Jan. 10 100 7.50 Jan. 12 75 12.00 Jan. 15 150 7.80 Jan. 17 200 12.50 Jan. 20 200 7.95 Jan. 24 150 15.00 Jan. 25 150 8.00 Jan. 30 75 8.20 Note: The January 1 amounts were the beginning inventory and unit value. (Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.) Required: a. Calculate the cost of goods available for sale. b. Calculate the dollar value of sales. c. Calculate the value of Ending Inventory and Cost of Goods Sold under the following independent assumptions: (1) LIFO method (2) FIFO method (3) Average-cost method Question 2 options: Save Question 3 (7 points) Required: Prepare Acme Supply Company's general journal entries for the following transactions:
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Jan. 1
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