ACC2363_Final Exam_Common Current Liabilities_PQ #8
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Your Answer
Correct Answer (Used)
Your answer is correct.
Oriole Limited purchases merchandise for $152,000 plus GST of 5% ($7,600). The goods are later sold for
$213,000 plus GST of 5% ($10,650). Prepare the journal entries to record the purchase of merchandise by
Oriole and the subsequent sale to one of its customers.
(Credit account titles are automatically indented when the
amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No
Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
Inventory
GST Receivable
Accounts Payable
(To record purchase of merchandise)
Accounts Receivable
GST Payable
Sales Revenue
(To record sale of merchandise on account)
List of Accounts
Attempts: 2 of 3 used
152000
7600
159600
223650
10650
213000
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The following is the adjusted trial balance of Sierra Company.
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Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below.
Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor
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142,700
Manufacturing overhead applied
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(d)
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Altira Corporation provides the following information related to its merchandise inventory during the month of August
2021:
Aug.1 Inventory on hand–2,000 units; cost $5.30 each.
8 Purchased 8,000 units for $5.50 each.
14 Sold 6,000 units for $12.00 each.
18 Purchased 6,000 units for $5.60 each.
25 Sold 7,000 units for $11.00 each.
28 Purchased 4,000 units for $5.80 each.
31 Inventory on hand-7,000 units.
Required:
1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021,
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Cash
On December 1, 2022, Sheffield Corp. had the following account balances.
Notes Receivable
Accounts Receivable
Inventory
Prepaid Insurance
Equipment
Dec. 7
1.
×
2.
12
(a)
17
19
22
26
31
Adjustment data:
terms 1/10 n/30 × bExplain the appl X
During December, the company completed the following transactions.
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Debit
$18,100
2,500
7,800
tv
15,500
1,500
28,100
$73,500
Accumulated Depreciation-Equipment
Accounts Payable
Common Stock
Retained Earnings
Depreciation was $210 per month.
Insurance of $400 expired in December.
Your answer is partially correct.
Credit
$3,100
6,000
loc
50,300
Received $3,600 cash from customers in payment of account (no discount allowed).…
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Discussion - What is the role of ethics in accounting?
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Include Introduction, Body, and Conclusion.
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Crane Company has completed all of its operating budgets. The sales budget for the year shows 52,000 units and total sales of
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is estimated to be $10,400. Income taxes are estimated to be $208,000.
Prepare a budgeted multiple-step income statement for the year ending December 31, 2022.
CRANE COMPANY
Budgeted Income Statement
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
8 units at $40
$320
Aug. 13
Purchase
8 units at $42
336
Nov. 30
Purchase
5 units at $44
220
Available for sale
21 units
$876
There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory
cost using the (a) first-in, first-out (FIFO) method; (b) last-in,…
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On January 1, 20x1, Pete Electrical Shop received from Marion Trading 300 pieces
of bread toasters. Pete was to sell these on consignment at 50% above original
cost, for a 15% commission on the selling price. After selling 200 pieces, Pete had
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Question 13
Sheffield Corp. is planning to replace an old asset with new equipment that will operate more efficiently. The following amounts may be relevant to this analysis.
Cost of old asset
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$12,800
$2,000
Selling price of old asset
$2,000
Purchase price of new replacement asset
$20,600
Estimated salvage value of new asset
$2,100
Estimated useful life of new asset
5 years
Estimated annual net operating cash inflows
$3,100/year for 5 years
Discount rate
Tax rate
9%
20%
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DONAVAN, INC.
Balance Sheet
Assets
Cash
$13,300
Inventory
16,300
Buildings
38,700
Total assets
$68,300
Liabilities and Stockholders' Equity
Liabilities
Accounts payable
$5,100
Stockholders' Equity
Common stock
(a)
Retained earnings
(b)
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Blossom Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022.
1.
Purchased a 1-year insurance policy on June 1 for $ 2,196 cash.
2.
Paid $7,930 on August 31 for 5 months' rent in advance.
On September 4, received $ 4,392 cash in advance froma corporation to sponsor a game each month for a total of 9 months
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for the most improved students at a local school.
Signed a contract for cleaning services starting December 1 for $ 1,220 per month. Paid for the first 2 months on November
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30. (Hint: Use the account Prepaid Cleaning to record prepayments.)
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Direct labor costs
Machine hours
Setup hours
Saddle Inc. has two types of handbags: standard and custom. The controller has decided to use a plantwide overhead rate based on
direct labor costs. The president has heard of activity-based costing and wants to see how the results would differ if this system were
used. Two activity cost pools were developed: machining and machine setup. Presented below is information related to the company's
operations.
(a)
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Total estimated overhead costs are $312,000. Overhead cost allocated to the…
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Match the word or phrase with the best description of it.
An expression about whether financial statements conform with generally accepted
(a)
accounting principles.
(b)
Corporation
A business that raises money by issuing shares of stock.
(c)
The portion of stockholders' equity that results from receiving cash from investors.
(d)
Obligations to suppliers of goods.
(e)
Amounts due from customers.
(f)
A party to whom a business owes money.
(g)
A party that invests in common stock.
(h)
Partnership
A business that is owned jointly by two or more individuals but does not issue stock.
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On June 1, 2017, Nash's Trading Post, LLC was started with an initial investment in the company of $22,200 cash. Here are the assets,
liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of
operations:
Cash
$ 4,700
Notes payable
$12,200
Accounts receivable
4,100
Accounts payable
600
Service revenue
7,600
Supplies expense
1.010
Supplies
2,390
Maintenance and repairs expense
610
Advertising expense
400
Utilities expense
290
Equipment
26.100
Salaries and wages expense
1.500
Common stock
22.200
In June, the company issued…
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Ayayai Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $72,00O.
Ayayai normally sells its riding mowers for $14,400 and its push lawn mowers for $960. The contract required the City of Halifax to
pay Ayayai once all of the merchandise has been delivered to the city's public works yard. Ayayai's management does not expect any
returns or any issues with payment.
Ayayai delivered all four of the riding mowers and 14 of the push mowers on April 26. The remaining six push mowers were delivered
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The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT:
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XYZ Company had the following information for the year:
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OMR 110,000
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OMR 150,000
Actual manufacturing overhead incurred
OMR 166,000
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The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc
an ending Work in Process Inventory balance of OMR 17,000. What was cost…
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Perez Company is considering an investment of $28,245 that provides net cash flows of $9,300 annually for four years.
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Return to the original data. Monk Builders has just signed a contract with the state government to replace the windows in low-
income housing units throughout the state. Monk needs 80,000 windows to complete the job and has offered to buy them from
Wilson at a price of $120.00 per window. Monk will pick up the windows at Wilson's plant, so Wilson will not incur the $2 per
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Calculate the contribution from special order, contribution lost from regular sales and the net…
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Exercise 12-10 Net Present Value Analysis (LO12-2]
Kathy Myers frequently purchases stocks and bonds, but she is uncertain how to determine the rate of return that she is earning. For
example, three years ago she paid $13,000 for 200 shares of Malti Company's common stock. She received a $420 cash dividend on
the stock at the end of each year for three years. At the end of three years, she sold the stock for $16,000. Kathy would like to earn a
return of at least 14% on all of her investments. She is not sure whether the Malti Company stock provide a 14% return and would like
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Click here to view Exhibit 12B-1 and Exhibit 12B-2, to…
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Martha Pharoah Ito began the Pharoah Company by investing $75000 of cash in the business. The company recorded revenues of
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On October 1, 2021, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and
provides consulting services, computer system installations, and custom program development.
October 1 Santana Rey invested $52,000 cash, a $26,000 computer system, and $12,000 of office equipment in the
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October 8 The company paid $1,390 cash for the computer supplies purchased on credit on October 3.
October 10 The company hired a part-time…
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requires an understanding of the company's operations and the inter-relationship of accounts.
is only required for accounts that do not have a normal balance.
is optional when financial statements are prepared.
is straight-forward because the accounts that need adjustment will be out of balance.
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- F myCampus Portal Login - for Stu X B 09 Operational and Legal Consid x E (24,513 unread) - sharmarohit81 b My Questions | bartleby A fleming.desire2learn.com/d21/le/content/130754/viewContent/1518900/View?ou=130754 Table of Contents > Week 9: Operational and legal Considerations > Lecture Notes > 09 Operational and Legal Considerations 09 Operational and Legal Considerations - > Calculating Capacity • How many machines do you need? • You expect your sales to be 3,000,000 granola bars (20g each) • How large is your plant? per month • How many workers do you need? The machine: • How much is the investment? Capacity: 100 kgs per hour • What are the operating costs? Requires 2 people to operate it Takes 8 ft x 40 ft space • Cost per machine $15,000 Energy and maintenance: $5 per hour • Cost of material and packaging: $0.12 per bar I Group Project.xlsx Show all 12:35 AM O Type here to search A O 4) ENG 2020-12-09arrow_forwardI need help on this questionarrow_forwardEdit View History Bookmarks Profiles Tab Window Help signments: ACC 111 Financ X Question 3 - Exam 1- Chapter X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252.. - Chapters 1-3 i 3 1:25:41 IN -- W 5 Leg on uppn Z The following is the adjusted trial balance of Sierra Company. 3 Account Title Cash Prepaid insurance Notes receivable (due in 5 years) Buildings Accumulated depreciation-Buildings Accounts payable Notes payable (due in 3 years). Common stock Retained earnings Dividends Consulting revenue Wages expense Depreciation expense-Buildings Insurance expense Totals O . # 20 A E uppe youuuurio supiny umy Sierra Company Adjusted Trial Balance December 31 8,798 D $ 4 (1) Prepare an income statement for the year ended December 31. (2) Prepare a statement of retained earnings for the year ended December 31. The Retained earnings account balance was $13,500 on December 31 of the prior year. FLB 16 R F % 5 Saved FS T…arrow_forward
- O NWP Assessment Player UI x A NWP Assessment Player UI A Player x M Take bartleby with you. - bk x b My Questions Leducation.wiley.com/was/ui/v2/assessment-player/index.html?launchld=6elb1590-b291-458b-913e-bc6d938b2870#/question/0 ork DUE Saturday, February 13th @ 11:59 pm (EST) Question 1 of 13 -/1 E Current Attempt in Progress Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in alltases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,275.) Case A Case B Direct materials used 2$ (a) $86,500 Direct labor 56,000 142,700 Manufacturing overhead applied 42,000 (d) Total manufacturing costs 149,750 (e) Work in process 1/1/20 (b) 25,200 Total cost of work in process 207,500 (f) Work in process 12/31/20 (c) 13,800 Cost of goods manufactured…arrow_forwardect p.mheducation.com/ext/map/index.html?_con3con&external_browser%3D0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/... * D B homework i Saved Help Save & Exit Submit Check my work Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand–2,000 units; cost $5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory on hand-7,000 units. Required: 1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method. Cost of Goods…arrow_forwardChrome File Edit View History Bookmarks Profiles Tab Window Help Project Chapters 5-7 Content WP NWP Assessme X 2,041 Content OCT 26 education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=36ec0bd6-8a4b-4bac-8fcd-95120acedb08#/question/0 Question 1 of 1 View Policies Show Attempt History Current Attempt in Progress Cash On December 1, 2022, Sheffield Corp. had the following account balances. Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. × 2. 12 (a) 17 19 22 26 31 Adjustment data: terms 1/10 n/30 × bExplain the appl X During December, the company completed the following transactions. > Debit $18,100 2,500 7,800 tv 15,500 1,500 28,100 $73,500 Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Depreciation was $210 per month. Insurance of $400 expired in December. Your answer is partially correct. Credit $3,100 6,000 loc 50,300 Received $3,600 cash from customers in payment of account (no discount allowed).…arrow_forward
- X Topic: Discussion - What is the rol X + rses/1545/discussion_topics/15677?module_item_id=111468 Q Search entries or author... All > ↓ Sort View Split Screen Expand Threads You must post before seeing replies. Edit history will be available to instructors. Due Jan 4, 2025 11:59pm 时☆ 10 points possib Discussion - What is the role of ethics in accounting? Requirement: Include Introduction, Body, and Conclusion. Your initial Discussion posting should be at least 150 words in length. 9 Replies, 9 Unread Be sure to include a related Title, at least two different citations and references to support your statement Read and post brief responses to at least two of your classmates' postings (minimum 75 words).arrow_forwardf Qwileyplus log in - Search X w NWP Assessment Player Ul App X + https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=158b0479-2179-4251-b96d-ee6bbf0aa5fe#/question/7 13°C Partly sunny X w Chapter 15 Quiz Question 8 of 15 Current Attempt in Progress Crane Company has completed all of its operating budgets. The sales budget for the year shows 52,000 units and total sales of $2,340,000. The total unit cost of producing one unit is $20. Selling and administrative expenses are expected to be $312,000. Interest is estimated to be $10,400. Income taxes are estimated to be $208,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2022. CRANE COMPANY Budgeted Income Statement HH Search ENG US 4x D વા મી ક + 203 10:10 AM 2022-11-06 Ⓒarrow_forwardPlease answer the question in the following two images. Thank you.arrow_forward
- ← D2L Homepage - ACC-201-10241-M X CengageNOWv2 | Online teach X Changes in Current Operating ×+ 个 C n v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSession Locator-assig... MySNHU D2L Brightspace Mail Mattie, Emily... M Inbox - emilymattie... Word | Microsoft 365 Google Docs Free APA Citation G... VitalSource Booksh... n ... » All Bookmarks Module 3 Problem Set 2. EX.05.02 3. EX.05.01 4. BE.06.08 5. EX.05.04 6. BE.06.03.ALGO 7. BE.06.01.ALGO eBook Show Me How Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 8 units at $40 $320 Aug. 13 Purchase 8 units at $42 336 Nov. 30 Purchase 5 units at $44 220 Available for sale 21 units $876 There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in,…arrow_forwardI need help pleasearrow_forwardI need helparrow_forward
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