Accounting II

Accounting II - List all numbers on this data sheet and...

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Unformatted text preview: List all numbers on this data sheet and label what th Cash $10,000 Accounts Receivable $55,160 Prepaid Insurance $0 Finished Goods Inventory $45,000 Fixed Assets $200,000 Accumulated Depreciation-$90,000 Net Property Plant & Equip $110,000 Total Assets $220,160 Accounts Payable $20,000 Interest Payable - Line of Credit $0 Interest Payable - LTD $0 Line of Credit $0 Long Term Debt $50,000 Common Stock $75,000 Additional Paid-In Capital $20,000 Retained Earnings $55,160 Total Liabilities & Equity $220,160 Beginning Inventory Units Cases of Ale 2,000 Cases of Porter 3,000 Sales Cases of Ale $3,000 $3,000 $4,000 $2,000 Selling Price $12 $12 $12 $12 Cases of Porter $4,000 $5,000 $3,000 $2,000 Selling Price $15 $15 $15 $15 Sales Information Percent for Cash 30% Percent for Credit 70% Collections in Month 1 40% Collections in Month 2 60% November 2007 Sales $48,000 December 2007 Sales $50,000 Full Year Production (in cases) 79,000 Mfg. Overhead Spending (full year estimate) $229,100 Monthly Overhead Spending Electricity $2,000 $2,000 $2,000 Indirect Labor $5,000 $5,000 $5,000 Production Supervision $4,725 $4,725 $4,725 Rent $5,000 $5,000 $5,000 Depreciation on Equip on hand @ 12/31/07 $2,000 $2,000 $2,000 Product Costs Ale Porter Qty Unit Cost Qty Unit Cost Hops -lbs 5.00 $0.30 10.00 $0.30 Yeast- ozs 1.00 $0.10 1.00 $0.10 Sugar- lbs 0.50 $0.40 0.80 $0.40 Bottles- each 24.00 $0.05 24.00 $0.05 Labor 0.20 $10.00 0.20 $10.00 Purchases & Inventory Information Month 1 Month 2 JIT for raw materials Purchases for cash 0% Discount received for cash purchased 0% Purchases for credit 100% Payments made 0% 100% Finished Goods ending balance 100% of next months sales Other Information Interest rate on long-term debt 9% Interest rate on short-term debt 12% Other Selling & Advertising Shipping Costs (per case) $0.50 $0.50 $0.50 Salaries $4,200 $4,200 $4,200 Rent $1,800 $1,800 $1,800 Advertising $500 $500 $500 $400 $400 $400 Depreciation $5,000 $5,000 $5,000 Insurance (semi-annually Jan/July) Capital Expenditures January (purchase of new machine) $24,000 Life Span (starting February 1st) 5 Long-Term Debt Long-Term Debt Int Rate due in 5 years (monthly) 9% Line of Credit Min. Cash Balance $10,000 Interest Rate 12% no outstanding line of credit debt 12/31/07 Insurance (semi-annually Jan/July) ey mean $37,000 $12 $40,000 $15 Blue= paid in month they occur Black= paid in month after purchase Prepared by:...
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This lab report was uploaded on 04/18/2008 for the course ACCT 252 taught by Professor Roig during the Fall '08 term at W. Carolina.

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Accounting II - List all numbers on this data sheet and...

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