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201 Extra Credit 2 Spring 2010

201 Extra Credit 2 Spring 2010 - 216-201 Spring 2010 EXTRA...

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216-201 Spring 2010 EXTRA CREDIT TWO Due in DS week of April 19 GRADING: Worth 15 points. Partially completed problems will not be accepted. If you complete all items requested, you will earn at least 5 points. The remaining points are dependent on accuracy of your answers! Aberkonkie & Fitch Corporation prepares quarterly financial statements. The balance sheet at 12/31/09 is presented below. Balance Sheet 12/31/2009 Cash $ 24,300 Accounts payable $ 12,370 Accounts receivable 22,400 Common stock 90,000 Allowance for doubtful accounts (1,200) Retained earnings 53,130 Equipment 20,000 Accumulated depreciation - equipment (15,000 ) Land 20,000 Building 100,000 Accumulated depreciation - building (15,000 ) $ 155,500 $155,500 During the first quarter of 2010, the following transactions occurred: 1. Aberkonkie & Fitch performed services during the first quarter for $140,000 on account. 2. On 2/1/10, Aberkonkie & Fitch collected fees of $12,000 in advance for $1,000 of services to be performed each month from 2/1/10 to 1/30/11. 3. On 2/1/10, Aberkonkie & Fitch purchased computer equipment for $9,000 plus sales taxes of $600. $3,000 cash was paid with the rest on account. Check #455 was used. 4. Aberkonkie & Fitch collected $133,000 on 3/5/10 from customers on account. 5. Aberkonkie & Fitch paid $16,370 on accounts payable. Check #456 was used. 6. Paid other operating expenses of $97,525. Check #457 was used. 7. Acquired a patent with a 10-year life for $9,600 cash on 3/1/10. Check #458 was used.
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