Chapter 09 Homework 1

Chapter 09 Homework 1 - 15,550.08 39,985.92 8,000.00...

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Professor Smith ACCT151 13 November 2008 Chapter 9 Homework 1 E1,E4,E11,P2,P10 E1) December 31, 2007 Taxes Payable CL Accounts Receivable CA Notes Payable, 9%, due 90 days CL Investment in Bonds LTA Capital Stock Eq Accounts Payable CL Estimated Warranty 2008 CL Retained Earnings Eq Trademark Intangible LTA Mortgage Payable CL($10,000), LTA E4) 1) a. Inventory $8,000.00 Accounts Payable $8,000.00 b. Land $44,500.00 Interest Expense $ 3,485.92 Cash $ 8,900.00 Notes Payable $39,985.92 c. Accounts Payable $450.00 Inventory $450.00 d. Accounts Payable $7,550.00 Cash $7,550.00 e. Cash $13,800.00 Interest Expense $ 1,200.00 Notes Payable $15,000.00 f. Cash $5,000.00 Gift Certificates $3,250.00 Sales Revenue $1,750.00 g. Cash $108,000.00 Accounts Receivable $ 12,000.00 Tax Expense $ 7,200.00 Sales Revenue $120,000.00 Taxes Payable $ 7,200.00 2) Dec31 Notes Payable $15,550.08 Interest Expense $ 1,355.64 Cash $14,194.44 Dec31 Notes Payable $7,500.00 Interest Expense $ 600.00 Cash $6,900.00 3) Notes Payable Accounts Payable
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Unformatted text preview: 15,550.08 39,985.92 8,000.00 7,500.00 15,000.00 450.00 3,250.00 7,550.00 7,200.00 42,385.84 E11) Sales = 100,000dishwashers*$325 = $32,500,000.00 Expected Returns = 12%*100,000dishwasher = 12,000 dishwashers Expected Warranty Expense = 12,000dishwashers* $14 = $168,000 Warranty Expense $168,000.00 Estimated Liability for Warranties $168,000.00 Estimated Liability for Warranties $150,000.00 Cash $150,000.00 Estimated Liability for Warranties 120,000.00 168,000.00 150,000.00 138,000.00 P2) 1) Panera Bread Company Statement of Cash Flows for period December 27, 2005 to December 26, 2006 Operating Activity Accounts Payable $ 1,378.00 Accrued Expenses 21,159.00 Deferred Revenue 208.00 Total Current Liabilities 22,745.00 2) Use liquidity ratios P10) a) recorded b) recorded c) not recorded, disclosed d) recorded e) recorded...
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This note was uploaded on 02/22/2009 for the course ACCT 151 taught by Professor Largay during the Spring '07 term at Lehigh University .

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Chapter 09 Homework 1 - 15,550.08 39,985.92 8,000.00...

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