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STUDENT NAME ACCOUNTING 2113 (FINANCIAL ACCOUNTING) DEPRECIATION CALCULATIONS CHERYLL'S FURNITURE COMPANY For the Year Ended December 31, 2019 Asset Acquisition The following Assets were acquired on January 1, 2019 by Cheryll's Furniture Company during the current year: Estimated Estimated Useful Salvage ASSET Life * TOTAL COST Value Computer System 5 Years $95,000 $12,500 Manufacturing Equipment 8 Years 500,000 25,000 Delivery Truck 3 Years 45,000 4,500 Total $640,000 * - Estimated Useful Life In Activity as follows: Computer System 100,000 Hours Manufacturing Equipment 20,000 Hours Delivery Truck 202,500 Miles REQUIRED 1. Calculate Depreciation Expense for the first three (3) years for each Asset Using the following Depreciation Methods: (a) STRAIGHT-LINE METHOD (b) DOUBLE DECLINING-BALANCE METHOD (c) ACTIVITY-BASED (UNITS OF PRODUCTION) METHOD ASSET ACTIVITY Computer System Year 1 - 12,000 Hours; Year 2 - 16,000 Hours; Year 3 - 20,000 Hours Manufacturing Equipment Year 1 - 2,400 Hours; Year 2 - 3,200 Hours; Year 3 - 4,800 Hours Delivery Truck Year 1 - 68,400 Miles; Year 2 - 83,200 Miles; Year 3 - 48,800 Miles 2. Make the Year-End Joun.. Entry (Adjusting Entry) for Year 1 only for each of the three (3) Depreciation Methods (One (1) Single Journal Entry Only For Each Depreciation Method)

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ACCOUNTING 2113 (FINANCIAL ACCOUNTING) DEPRECIATION CALCULATIONS CHERYLL'S FURNITURE COMPANY For the Year Ended December 31, 2019 Computer Manufacturing Delivery System Equipment Truck STRAIGHT-LINE METHOD YEAR 1 YEAR 2 YEAR 3 DOUBLE DECLINING-BALANCE METHOD YEAR 1 YEAR 2 YEAR 3 ACTIVITY-BASED (UNITS OF PRODUCTION) METHOD YEAR 1 YEAR 2 YEAR 3

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CHERYLL'S FURNITURE COMPANY GENERAL JOURNAL For The Year Ended December 31, 2019 Date Accounts/Description Debits Credits STRAIGHT-LINE DEPRECIATION 31-Dec-19 Depreciation Expense Accumulated Depreciation DOUBLE DECLINING-BALANCE DEPRECIATION 31-Dec-19 Depreciation Expense Accumulated Depreciation ACTIVITY-BASED (UNITS OF PRODUCTION) DEPRECIATION 31-Dec-19 Depreciation Expense Accumulated Depreciation

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Financial Accounting I AC1130 Question # 1 Complete the Payroll Register using the following information: Required: You are the Payroll Manager for Potter Corp. Complete the payroll register for the month ending January 31, 2020, Note: * Hours in excess of 160 in any given month are paid at time and a half to all employees, including salaried employees The Qatari employees receive OR 700 Social Allowance per month All Canadian employees contribute QR 60 towards social club fees. * Ron Weasley, and Neville Longbottom receive a housing allowance of OR 3,000 per month. * This is the last month of employment after a 5 year contract for Hermione Granger. End of service gratuity is paid at a rate of 3 weeks pay for each year of service. Round your numbers to the nearest 2 decimal points Hours Hr, Rate/ Employee Name Nationality Week 1 Week 2 Week 3 Week 4 Total Salary Harry Potter Qatar 4,600.00 Ron Weasley Canada 45.00 Luna Lovegood Spain 35.00 Hermione Granger Canada 3,600.00 Draco Malfoy England 2,600.00 Canada 30.00 Rubeus Hagrid albus Dumbledoor Qatar 4,800,00 32.00 Serius Black Spain 4,000.00 Minerva McGonagal Qatar 34.00 Neville Longbottom Ireland [COLLEGE OF THE NORTH ATLANTICI | |As

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Financial Accounting I Question # 1 142 Payroll Register - Potter Corp For the Month Ending January 31, 2020 Earnings Allowances Deductions Employee Name Nationality Hr. Qatar Rate/ Hrs. Overtime Gross Social Housing National Social Net Salary Worked Regular & Other Pay Allow. Allow. Pension Club Pay Harry Potter Qatar 4,600 Ron Weasley Canada Luna Lovegood Spain Hermione Granger Canada 3,600 Draco Malfoy England 2,600 Rubeus Hagrid Canada Albus Dumbledoor Qatar 4.800 Serius Black Spain Minerva McGonagal Qatar 4,000 Neville Longbottom Ireland Totals [COLLEGE OF THE NORTH ATLANTIC) | [Assignment 3 Workbook]

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Cold Cash Corp. - 2013 Cash Flow Statement 0. Balance Sheet Cold Cash's balance sheet at the end of 2012 included the following items: Current assets 200,000 Land 40,000 Building 120,000 Equipment 90,000 Accum. Deprec. - Bldg -30,000 Accum. Deprec. - Equip -11,000 Patents (net) 40,000 Total 449,000 The following information is available for 2013: 1. :55" Net income for the year Equipment was sold during the year: Original cost of equip. Accum. Deprec. When sold Selling price Patent amortization for the year Depreciation expense for the year: On the building 0n the equipment Current liabilities LT Bonds payable Common stock Retained earnings Total Current assets (other than cash) increased Current liabilities increased An addition to the building was completed, at a cash cost of LT investment in stock of the XYZ Corporation purchased for cash LT Bonds payable were issued for cash Cash dividends declared and paid Treasury stock" was purchased for cash HLI— l— _ .___._.I.l--_ _.I._ -I-I__I_I___I ll.___ 20,000 8,000 8,000 9,000 100,000 100,000 145,000 44,000 I 449,000 00,000 11,000 7,000 62,000 5,000 41,000 30,000 70,000 33,000 21,000

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One of the members of the board of directors is concerned with these statements. Specifically, he does not understand the reported change in cash in light of the firm's significant profitability. He is particularly unsure of how there could be such a difference between net income and cash flow from operations. He comments, "there must be an error in here somewhere." Explain the differences mentioned by this board member (be as specific as possible).

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Financial Accounting problem, Please provide more details.


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lBAle — Financial Accounting Project: Valentine's Day Chocolate Prelude, J anuagy 14'": Cupid and his family, as is their regular routine, visit the local farmers' market on their weekly shopping trip. Deborah, a local candy—producer and friend of Cupid's family, is selling her candy at the market. Cupid tells Deborah how much he likes her candy. Deborah knows that Cupid is a budding entrepreneur and asks if he will try selling her boxed Valentine's chocolates at the Food :3: GI}? Festival onFebruary 113$, 11*, :3: 1213'. Deborah says that she will be out of town most of that weekend and wants Cupid to sell the product to keep building awareness of her candy products. She also says that she has a booth reservation and he would have to pay the Food 1% GE}? Festival show management a $3 flfl booth fee on February 11'}IEI1 along with a refundable 33E! clean—up fie. Deborah gives the following information: Boxed Valentine chocolate sells at a market price of $9.9!) each Deborah can prove that her chocolate has Fair Trade Certification Cupid can buy boxed chocolate from her for $5_flfl each Boxed chocolate inventory is enough to cover the needs of Food & Grfi' Festival Cupid can keep any of the net income from the festival Deborah will return on the afternoon ofFebruary1.315"l and expects to be paidthen for inventory acquired St. sold fi'om her storage unit! Cupid agrees to Deborah's offer and decides to sell boxed Valentine chocolates at the FormT If: Grffi Festival. Cupid asks his sister, Ginger, to help in the booth and he would pay her $3fl a day. Ginger agrees. Friday, Februag: 10": Prior to coming to the show, Cupid took $5M] out of his secret stash of personal savings and he acquired 12!} boxes from Deborah's storage unit. Cupid sets up the stand and pays the show manager, Kavinda, $330 in cash. A]: 2:30 in the afternoon, Mr. Lupercalia, prepays $130 to buy 2t] boxes that Cupid will have ready for pick— up on Sunday morning. Walk—up sales are good and they sell 105 boxes in this manner by end of the day- Ginger, who worked hard, mentions that her wage of $30 per day is too low. Cupid and Ginger agree that $611} a day is fair and that she will be paid at the end ofthe festival.

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Saturday, Februagy 1113": Before the show opens, Cupid retrieves 350 boxes fi'om the storage unit because Saturday is believed to be the big sales day. The =1'I_"oung Professionals" club asks Cupid if they could buy 40 boxes and pay him tomorrow, Cupid agrees. Ms- James of Fair World Trade Coalition comes by on Saturday representing her charitable organization that tries to make holidays more bearable for the less fortunate in I."Zl'regon. Ms. James, seeing the Fair Trade Certification sign, asks Cupid if he would consider making a donation ofboxed chocolate to this worthy cause. After a brief pause, Cupid says yes and gives his- J ames 20 boxes of chocolate. {Cupid still has to pay for inventory used, no matter what the purpose.) Walk—up sales amounted to 2?? units sold for the day. Sunday, Febrnag: 12": Before the show opens, Cupid retrieves 200 boxes fi'om the storage unit. Mir. Lupercalia picks up his boxes and the Young Professionals pay Cupid. Walk—up sales amounted to 203r units sold for the day. Kavinda comes by, sees a clean booth, and returns the $30 cleaning fee. Ginger mentions that sales today were about twice Friday's sales and she wants a bonus, after haggling with her brother, they agree to a $60 bonus—payment. Cupid pays Ginger all amolmta owed. Deborah stops by and is amazed by the amount of sales made. Cupid pays Deborah for the inventory retrieved less what she takes back with her. Cupid recovers his original cash—injection by withdrawing $500- Reg uired: Prepare, in good formll a classified balance sheet and an income statement at the end of each day {February 10", ll'fl' fl: llfl'} using accrual accounting. There are various examples of statements made in good form in your textbook. Treat each day as a separate accounting period. Assume fl] transactions are material. (hdake sure you understand the difference between current and long—term in regard to assets and liabilities when developing these statements.) The financial statements must be computer generated using Excel or Word. Attach supporting calculations {such as spreadsheets, T—accounts, journal entries). Tum—in printout; of your financial statements and supporting documents. Grading {48 points possible I: To be eligible to earn firll credit for this project, turn—in your printouts at class on Mon. flct 26th; early submissions accepted (hand delivered only}. Late projects should be delivered to my office and will be accepted with a two—point per day penalty through class on Wednesday, February fifl'. Projects received alter that date will not be graded.

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Valentine Day Chocolate Inventory Tally Sheet Inventory Cost per unit $ 5.00 Units Units $ Date ooth/out of booth Cumulative Total Inventory Check What Happened? 10-Feb 120 120 600.00 Purchase on Account 600.00 10-Feb (105) 15 75.00 Sales - Walk-up 11-Feb 350 365 1,825.00 Purchase on Account 1,750.00 11-Feb (40) 325 1,625.00 Sales - Young Professionals 11-Feb (20) 305 1,525.00 Contributed Chocolate 11-Feb (277) 28 140.00 Sales - Walk-up 12-Feb 200 228 1, 140.00 Purchase on Account 1,000.00 12-Feb (20) 208 1,040.00 Deferred Account pick-up 12-Feb (207) 1 5.00 Sales - Walk-up 12-Feb (1) Deborah recovers unsold inventory (5.00) Owed to Vendor 3,345.00 Total paid to Deborah = Balance of Accounts Payable: 3,345.00

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Saturday, February 11th Cash Accounts Payable Capital, Cupic Beg. Bal.: Beg. Bal. Beg. Bal. 1 500.00 End Bal. End Bal.: End Bal. Inventory COGS Retained Earnings Beg. Bal.: Beg. Bal. 11 CLOSING 10 CLOSING End Bal. End Bal.: Prepaid Booth Fee Deferred Chocolate Sales Sales Beg. Bal. 8 ADJUSTING Beg. Bal. End Bal.: End Bal. 9 CLOSING Prepaid Clean-up Fee Wages Payable Wages Expense Beg. Bal Beg. Bal. 7 ADJUSTING End Bal.: 7 ADJUSTING 10 CLOSING End Bal. Booth Expense Accounts Receivable Income Summary 8 ADJUSTING 2 10 CLOSING 19 CLOSING 10 CLOSING End Bal.: 10 CLOSING 10 CLOSING 10 CLOSING subtotal 11 CLOSING Contribution Expense 10 CLOSING

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Valentine Day Chocolate Balance Sheet 2/1 1/2011 Assets Liabilities Current Assets Current Liabilities Cash Accounts Payable $ Accounts Receivable Deferred Chocolate Sales Inventory Wages Payable Prepaid Booth Fees Total Current Liabilities Prepaid Clean-up Fees Total Current Assets Equity Capital, Cupid Retained Earnings Total Equity Total Assets $ Total Liabilities & Capital Valentine Day Chocolate Income Statement For the day ended February 11, 2011 Sales Cost of Goods Sold Gross Margin Operating Expenses Booth Expenses Wages Total Operating Expenses Other Expense - Contribution Net Margin $

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