acc 510 module 2 home work 1 answer below »


1. value:

2.35 purposes

Use the notification in the subjoined adjusted test poise for the Webb Trucking Company.

Acsum Title

Debit

Credit

Cash

$

7,300

Accounts receivable

16,500

Office eatables

2,000

Trucks

197,000

Accumulated derogation Trucks

$

40,582

Land

75,000

Accounts payable

11,300

Interest payable

3,000

Long-term notes payable

52,000

K. Webb, Capital

183,638

K. Webb, Withdrawals

19,000

Trucking fees earned

134,500

Depreciation expenditure Trucks

26,175

Salaries expenditure

63,080

Office eatables expenditure

7,398

Repairs expenditure Trucks

11,567





Totals

$

425,020

$

425,020









1. Apportion the prevalent pertinency. (Assume that the activity mean for the prevalent pertinency is 1.5.) (Round your sumer-argument to 2 decimal locates.)

Prevalent pertinency

2. Compare Webb"s prevalent pertinency delay the activity mean.

Webb"s prevalent pertinency is over the activity mean.

Webb"s prevalent pertinency is beneath the activity mean.

2. value:

2.35 purposes

The subjoined adjusted test poise of Webb Trucking Company.

Acsum Title

Debit

Credit

Cash

$

8,100

Accounts receivable

16,500

Office eatables

2,000

Trucks

158,000

Accumulated derogation Trucks

$

32,548

Land

75,000

Accounts payable

12,100

Interest payable

3,000

Long-term notes payable

52,000

K. Webb, Capital

160,160

K. Webb, Withdrawals

19,000

Trucking fees earned

113,000

Depreciation expenditure Trucks

20,993

Salaries expenditure

52,997

Office eatables expenditure

10,500

Repairs expenditure Trucks

9,718





Totals

$

372,808

$

372,808









The K. Webb, Capital, completionity poise is $160,160 at December 31, 2010.

1. Adapt the pay announcement for the year ended December 31, 2011. (Input all equalitys as explicit values. Omit the "$" prognosticalal in your acceptance.)

WEBB TRUCKING COMPANY
Income Statement
For Year Ended December 31, 2011

3. value:

2.35 purposes

Acsum Title

Debit

Credit

Cash

$

5,000

Accounts receivable

29,000

Office eatables

6,958

Trucks

190,000

Accumulated derogation Trucks

$

39,140

Land

46,000

Accounts payable

9,000

Interest payable

20,000

Long-term notes payable

61,000

K. Webb, Capital

146,271

K. Webb, Withdrawals

17,000

Trucking fees earned

125,000

Depreciation expenditure Trucks

25,245

Salaries expenditure

59,329

Office eatables expenditure

11,000

Repairs expenditure Trucks

10,879





Totals

$

400,411

$

400,411










Using the over adjusted test poise to adapt Webb Trucking Posse s classified poise quibble as of December 31, 2011. (Be strong to register the results and liabilities in classify of their liquidity. Negative equalitys should be involved by a minus prognostical. Omit the "$" prognosticalal in your acceptance.)


WEBB TRUCKING COMPANY
Balance Sheet
December 31, 2011

4. value:

2.35 purposes

The subjoined unadjusted test poise contains the completionitys and poises of Dalton Delivery Posse as of December 31, 2011, its primeval year of operations.

a. Unrecorded derogation on the trucks at the end of the year is $8,505.

b. The completion equality of accrued avail expenditure at year-end is $8,000.

c. The insist-upon of unused station eatables quiescent conducive at the year-end is $600.

1. Use the over notification about the posse s adjustments to entire a 10-column achievement quibble.(Leave no cells bleak - be regular to invade "0" wherever insist-upond. Omit the "$" prognosticalal in your acceptance.)

DALTON DELIVERY COMPANY
Work Sheet
For Year Ended December 31, 2011

Unadjusted
Trial Balance

Adjustments

Adjusted
Trial Balance

Income
Statement

Balance Sheet
& Announcement of
Owner"s Equity

Acsum Title

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Dr.

Cr.

Cash

$

15,500

$

$

$

$

$

$

$

$

Accounts receivable

18,500

Office eatables

1,600

Trucks

290,000

Accum. Derogation Trucks

$

80,000

Land

170,000

Accounts payable

24,335

Interest payable

4,000

Long-term notes payable

150,000

V. Dalton, Capital

151,838

V. Dalton, Withdrawals

35,000

Delivery fees earned

283,495

Depreciation expenditure Trucks

20,000

Salaries expenditure

119,068

Office eatables expenditure

11,000

Interest expenditure

4,000

Repairs expenditure Trucks

9,000













Totals

$

693,668

$

693,668

















Net Income





Totals

$

$

$

$









2.1 Adapt the year-end delaydrawal entries for Dalton Delivery Posse as of December 31, 2011. (Omit the "$" prognosticalal in your acceptance.)

General Journal

Debit

Credit


(Click to fine)Delivery fees earnedDepreciation expenditure-trucksRepairs expenditure-trucksIncome summarySalaries expenditureOffice eatables expenditureV. Dalton, WithdrawalsInterest expenditure


(Click to fine)V. Dalton, WithdrawalsIncome summaryOffice eatables expenditureSalaries expenditureRepairs expenditure-trucksDelivery fees earnedInterest expenditureDepreciation expenditure-trucks


(Click to fine)V. Dalton, WithdrawalsRepairs expenditure-trucksSalaries expenditureInterest expenditureDepreciation expenditure-trucksIncome summaryDelivery fees earnedOffice eatables expenditure


(Click to fine)Repairs expenditure-trucksDelivery fees earnedOffice eatables expenditureSalaries expenditureInterest expenditureV. Dalton, WithdrawalsDepreciation expenditure-trucksIncome summary


(Click to fine)V. Dalton, WithdrawalsIncome summaryDelivery fees earnedOffice eatables expenditureRepairs expenditure-trucksSalaries expenditureInterest expenditureDepreciation expenditure-trucks


(Click to fine)Income summaryV. Dalton, WithdrawalsOffice eatables expenditureRepairs expenditure-trucksInterest expenditureDelivery fees earnedDepreciation expenditure-trucksSalaries expenditure


(Click to fine)Income summaryV. Dalton, WithdrawalsOffice eatables expenditureInterest expenditureDepreciation expenditure-trucksDelivery fees earnedSalaries expenditureRepairs expenditure-trucks


(Click to fine)Interest expenditureSalaries expenditureIncome summaryDepreciation expenditure-trucksRepairs expenditure-trucksV. Dalton, WithdrawalsOffice eatables expenditureDelivery fees earned


(Click to fine)Repairs expenditure-trucksSalaries expenditureV. Dalton, CapitalDelivery fees earnedDepreciation expenditure-trucksInterest expenditureIncome summaryOffice eatables expenditure


(Click to fine)Interest expenditureDelivery fees earnedV. Dalton, CapitalSalaries expenditureDepreciation expenditure-trucksRepairs expenditure-trucksIncome summaryOffice eatables expenditure


(Click to fine)Office eatables expenditureV. Dalton, WithdrawalsDepreciation expenditure-trucksSalaries expenditureIncome summaryDelivery fees earnedV. Dalton, CapitalInterest expenditure


(Click to fine)Office eatables expenditureDelivery fees earnedV. Dalton, WithdrawalsInterest expenditureDepreciation expenditure-trucksV. Dalton, CapitalIncome summarySalaries expenditure

2.2 Determine the important equality to be reputed on its year-end poise quibble. (Omit the "$" prognosticalal in your acceptance.)

Completion poise

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5. value:

2.35 purposes

The subjoined adjusted test poise contains the completionitys and poises of Showers Posse as of December 31, 2011, the end of its fiscal year.

No.

Acsum Title

Debit

Credit

101

Cash

$

18,000

126

Supplies

9,600

128

Preremunerated protection

2,000

167

Equipment

23,000

168

Accumulated derogation Equipment

$

6,500

301

R. Showers, Capital

42,165

302

R. Showers, Withdrawals

6,000

404

Services revenue

43,400

612

Depreciation expenditure Equipment

2,000

622

Salaries expenditure

25,302

637

Insurance expenditure

1,823

640

Rent expenditure

2,908

652

Supplies expenditure

1,432






Totals

$

92,065

$

92,065











1. Adapt the December 31, 2011, delaydrawal entries for Showers Company. (Omit the "$" prognosticalal in your acceptance.)

Date

General Journal

Debit

Credit

Dec. 31


(Click to fine)Income summarySalaries expenditureRent expenditureAccounts receivableServices revenueR. Showers, WithdrawalsDepreciation expenditure-equipmentSupplies expenditure


(Click to fine)Accounts receivableSupplies expenditureDepreciation expenditure-equipmentIncome summaryRent expenditureR. Showers, WithdrawalsServices revenueSalaries expenditure


(Click to fine)Income summaryR. Showers, CapitalDepreciation expenditure-equipmentR. Showers, WithdrawalsRent expenditureInsurance expenditureSalaries expenditureSupplies expenditure


(Click to fine)Salaries expenditureR. Showers, CapitalIncome summaryInsurance expenditureRent expenditureDepreciation expenditure-equipmentR. Showers, WithdrawalsSupplies expenditure


(Click to fine)R. Showers, WithdrawalsRent expenditureDepreciation expenditure-equipmentInsurance expenditureSupplies expenditureSalaries expenditureIncome summaryR. Showers, Capital


(Click to fine)Salaries expenditureIncome summaryDepreciation expenditure-equipmentInsurance expenditureRent expenditureR. Showers, WithdrawalsSupplies expenditureR. Showers, Capital


(Click to fine)Insurance expenditureRent expenditureSalaries expenditureDepreciation expenditure-equipmentIncome summaryR. Showers, CapitalR. Showers, WithdrawalsSupplies expenditure


(Click to fine)Rent expenditureR. Showers, WithdrawalsInsurance expenditureR. Showers, CapitalSupplies expenditureSalaries expenditureIncome summaryDepreciation expenditure-equipment


(Click to fine)Supplies expenditureSalaries expenditureAccounts receivableServices revenueR. Showers, CapitalDepreciation expenditure-equipmentIncome summaryRent expenditure


(Click to fine)Salaries expenditureAccounts receivableIncome summaryR. Showers, CapitalRent expenditureDepreciation expenditure-equipmentServices revenueSupplies expenditure


(Click to fine)R. Showers, CapitalDepreciation expenditure-equipmentRent expenditureSupplies expenditureR. Showers, WithdrawalsIncome summarySalaries expenditureServices revenue


(Click to fine)R. Showers, CapitalServices revenueRent expenditureDepreciation expenditure-equipmentIncome summaryR. Showers, WithdrawalsSupplies expenditureSalaries expenditure

2. Adapt the December 31, 2011, post-withdrawal test poise for Showers Company. (The items in the Test Poise should be grouped as follows: Assets, Liabilities and Equity. Be strong to register the asset in classify of liquidity. Omit the "$" prognosticalal in your acceptance.)

SHOWERS COMPANY
Post-Closing Test Balance
December 31, 2011

Debit

Credit


(Click to fine)Accumulated derogation-equipmentEquipmentSuppliesCashPreremunerated protection

$


(Click to fine)Preremunerated protectionSuppliesAccumulated derogation-equipmentCashEquipment


(Click to fine)Preremunerated protectionCashSuppliesAccumulated derogation-equipmentEquipment


(Click to fine)SuppliesPreremunerated protectionEquipmentAccumulated derogation-equipmentCash


(Click to fine)EquipmentSuppliesCashAccumulated derogation-equipmentPreremunerated protection

$


(Click to fine)Preremunerated protectionSuppliesEquipmentR. Showers, CapitalCash



Totals

$

$






6. value:

2.35 purposes

The subjoined two events occurred for Tanger Co. on October 31, 2011, the end of its fiscal year.

a. Tanger solutions a structure from its proprietor for $3,300 per month. By a prearrangement, the posse recent paying October"s solution until November 5. On this conclusion, the posse remunerated the solution for twain October and November.

b. Tanger solutions measure in a structure it owns to a dweller for $700 per month. By prearrangement, the dweller recent paying the October solution until November 8. On this conclusion, the dweller remunerated the solution for twain October and November.

Required:

Prepare adjusting entries that the posse must proceedings for these events as of October 31. (Omit the "$" prognosticalal in your acceptance.)

Date

General Journal

Debit

Credit

Oct. 31

(Click to fine)Salaries payableSalaries expenditureAccounts receivablePreremunerated protectionRent expenditureRent payableAccounts payableCash

(Click to fine)Accounts receivablePreremunerated protectionSalaries payableRent payableRent expenditureSalaries expenditureAccounts payableCash

(Click to fine)Salaries expenditurePreremunerated protectionRent receivableCashAccounts receivableSalaries payableAccounts payableRent earned

(Click to fine)Accounts payableCashRent earnedRent receivableAccounts receivablePreremunerated protectionSalaries expenditureSalaries payable


2. Assuming Tanger does not use reversing entries, adapt narrative entries to proceedings Tanger"s acquittal of solution on November 5 and the assemblage of solution on November 8 from Tanger"s dweller. (Omit the "$" prognosticalal in your acceptance.)

Date

General Journal

Debit

Credit

Nov. 5

(Click to fine)CashRent earnedAccounts receivable Solution payableAccounts payableRent expenditureSalaries payablePreremunerated protection

(Click to fine)Rent earnedCashAccounts payablePreremunerated protection Solution payableRent expenditureAccounts receivableSalaries payable

(Click to fine)Accounts receivableRent earnedPreremunerated protectionAccounts payableCashRent expenditureRent payableSalaries payable

8

(Click to fine)Rent expenditureRent receivablePreremunerated protectionCashAccounts receivableRent earnedRent payableAccounts payable

(Click to fine)Accounts receivableAccounts payableRent receivableRent expenditurePreremunerated protectionRent earnedRent payableCash

(Click to fine)Rent receivableCashRent payablePreremunerated protectionAccounts receivableRent earnedAccounts payableRent expenditure

3. Assuming that the posse uses reversing entries, adapt reversing entries on November 1 and the narrative entries to proceedings Tanger"s acquittal of solution on November 5 and the assemblage of solution on November 8 from Tanger"s dweller. (Omit the "$" prognosticalal in your acceptance.)

Date

General Journal

Debit

Credit

Nov. 1

(Click to fine)Accounts payableRent payableSalaries expenditureAccounts receivableCashPreremunerated protectionRent expenditureSalaries payable

(Click to fine)Preremunerated protectionRent expenditureRent payableCashSalaries expenditureSalaries payableAccounts receivableAccounts payable

(Click to fine)Rent earnedSalaries expenditureCashRent receivablePreremunerated protectionAccounts receivableSalaries payableAccounts payable

(Click to fine)Rent earnedAccounts payableSalaries expenditureCashAccounts receivableRent receivablePreremunerated protectionSalaries payable

5

(Click to fine)Accounts receivableRent expenditurePreremunerated protectionRent payableAccounts payableCashRent earnedSalaries payable

(Click to fine)Rent earnedAccounts payablePreremunerated protectionAccounts receivableSalaries payableCashRent expenditureRent payable

8

(Click to fine)Rent earnedRent expenditureCashRent payableSalaries payablePreremunerated protectionAccounts payableAccounts receivable

(Click to fine)Rent earnedRent expenditureSalaries payableCashRent payableAccounts payablePreremunerated protectionAccounts receivable

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7. value:

2.35 purposes

Case A

Case B

Case C

Cash

$

760

$

865

$

1,060

Short-term investments

0

0

500

Cursolution receivables

0

945

660

Inventory

1,900

955

3,800

Preremunerated expenditures

1,200

562

900










Total prevalent results

$

3,860

$

3,327

$

6,920



















Cursolution liabilities

$

2,239

$

1,120

$

1,730




















Compute the prevalent pertinency and acid-test pertinency for each of the over disunited plights. (Round your sumer-arguments to 2 decimal locates.)

Case A

Case B

Case C

Cursolution pertinency

Acid-test pertinency


Which posse plight is in the best lie to as short-term obligations?

Case A

Case B

Case C

8. value:

2.35 purposes

Using your completionitying acquaintance, invent the mislaying equalitys in the subjoined disunited pay announcementsathrough e. (Amounts in parentheses do not insist-upon a minus prognosticalal in front of them. Input all equalitys as explicit values. Omit the "$" prognosticalal in your acceptance.)

a

b

c

d

e

Sales

$

51,200

$

36,250

$

33,280

$

$

20,122

Cost of pi sold

Merchandise register (beginning)

4,864

2,936

6,989

6,124

2,073

Total insist-upon of pi donations

29,184

27,987

7,256

Merchandise register (ending)

()

(3,736

)

(8,489

)

(5,749

)

()














Cost of pi sold

28,684

11,241

7,056














Gross avail

5,826

38,198

Expenses

9,000

10,650

13,050

2,600

6,100














Net pay (loss)

$

$

14,359

$

(7,224

)

$

35,598

$



























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9. value:

2.35 purposes

Taos Posse donationd pi for resale from Tuscon Posse delay an invoice figure of $16,300 and faith conditions of 3/10, n/60. The pi had insist-upon Tuscon $11,117. Taos remunerated delayin the remittance continuance. Assume that twain buyer and seller use a perennial register system.

1. Adapt entries that the buyer should proceedings for the donation. (Omit the "$" prognosticalal in your acceptance.)

General Journal

Debit

Credit

(Click to fine)Salaries payableCost of pi soldCashAccounts receivableSalesAccounts payableMerchandise registerSales remittances

(Click to fine)Merchandise registerSales remittancesAccounts receivableSalaries payableSalesCashCost of pi soldAccounts payable

1. Adapt entries that the buyer should proceedings for the coin acquittal. (Omit the "$" prognosticalal in your acceptance.)

General Journal

Debit

Credit

(Click to fine)SuppliesAccounts payableAccounts receivableCashSales remittancesMerchandise registerCost of pi soldSalaries payable

(Click to fine)Accounts payableSales remittancesSalaries payableMerchandise registerCashAccounts receivableSuppliesCost of pi sold

(Click to fine)CashMerchandise registerSales remittancesSalaries payableAccounts payableCost of pi soldSuppliesAccounts receivable

a. Adapt entries that the seller should proceedings for the sale. (Omit the "$" prognosticalal in your acceptance.)

General Journal

Debit

Credit


(Click to fine)CashSalesAccounts receivableSales remittancesSalaries payableMerchandise registerAccounts payableSelling expenditures


(Click to fine)Salaries payableSales remittancesMerchandise registerSalesCashSelling expendituresAccounts payableAccounts receivable


(Click to fine)Merchandise registerSalesCost of pi soldSales avail and allowancesAccounts payableAccounts receivableCashSales remittances


(Click to fine)Sales avail and allowancesMerchandise registerAccounts receivableAccounts payableCost of pi soldCashSales remittancesSales


2. bPrepare entries that the seller should proceedings for the coin assemblage. (Omit the "$" prognosticalal in your acceptance.)

General Journal

Debit

Credit


(Click to fine)CashMerchandise registerSales allowanceUnearned revenueSalaries payableAccounts payableAccounts receivableSales remittances


(Click to fine)Accounts payableSales allowanceSalaries payableCashSales remittancesAccounts receivableUnearned revenueMerchandise register


(Click to fine)Accounts payableMerchandise registerSales allowanceAccounts receivableSales remittancesUnearned revenueCashSalaries payable

3. Assume that the buyer ascititious sufficient coin to pay the poise on the latest day of the remittance continuance at an annual avail trounce of 11% and remunerated it tail on the latest day of the faith continuance. Compute how abundant the buyer saved by subjoined this policy. (Use 365 days a year. Spherical your middle calculations and definite sumer-argument to 2 decimal locates. Omit the "$" prognosticalal in your acceptance.)

Buyer"s net savings

10. value:

2.35 purposes

The subjoined register includes fineed enduring completionitys and all of the partial completionitys from the December 31, 2011, unadjusted test poise of Deacon Co., a matter owned by Julie Deacon. Use these completionity poises concurrently delay the concomitant notification to narrativeize (a) adjusting entries and (b) delaydrawal entries. Deacon Co. uses a perennial register system.

Debit

Credit

Merchandise register

$

32,800

Preremunerated selling expenditures

6,000

J.Deacon, Withdrawals

2,400

Sales

$

590,400

Sales avail and allowances

22,435

Sales remittances

6,282

Cost of pi sold

290,477

Sales salaries expenditure

64,944

Utilities expenditure

18,893

Selling expenditures

50,774

Administrative expenditures

130,478


Concomitant Information

Accrued sales salaries equality to $1,700. Preremunerated selling expenditures of $2,400 accept expired. A natural sum of year-end pi register exhibitions $32,177 of pi quiescent conducive.

Deacon Co. uses a perennial register system.

Using the over completionity poises and the concomitant notification adapt adjusting entries. (Omit the "$" prognosticalal in your acceptance.)

Date

General Journal

Debit

Credit

Dec. 31


(Click to fine)Salaries payablePreremunerated expendituresSales allowanceSelling expendituresMerchandise registerSales salaries expenditureIncome summaryUtilities expenditureCost of pi sold


(Click to fine)Sales allowanceSelling expendituresMerchandise registerSalaries payableUtilities expenditureIncome summarySales salaries expenditureCost of pi soldPreremunerated expenditures


(Click to fine)Selling expendituresSales salaries expenditureMerchandise registerCost of pi soldAccrued salariesUtilities expenditureIncome summaryPreremunerated selling expendituresSales allowance


(Click to fine)Merchandise registerCost of pi soldUtilities expenditureAccrued salariesIncome summarySales allowanceSales salaries expenditurePreremunerated selling expendituresSelling expenditures


(Click to fine)Preremunerated selling expendituresSelling expendituresSales salaries expenditureUtilities expenditureCost of pi soldSuppliesSalaries payableCashMerchandise register


(Click to fine)Selling expendituresCost of pi soldPreremunerated selling expendituresUtilities expenditureSalaries payableSales salaries expenditureMerchandise registerCashSupplies

Using the over completionity poises and the concomitant notification adapt delaydrawal entries. (Omit the "$" prognosticalal in your acceptance.)

Date

General Journal

Debit

Credit

Dec. 31


(Click to fine)Utilities expenditureSalaries expendituresSelling expendituresSales remittancesIncome summarySalesCost of pi soldCommon stockDividends


(Click to fine)DividendsSelling expendituresCommon stockCost of pi soldSales remittancesSalaries expendituresUtilities expenditureIncome summarySales


(Click to fine)Cost of pi soldUtilities expenditureSelling expendituresIncome summaryAdministrative expendituresCashSales avail and allowancesSales salaries expenditureSales remittances


(Click to fine)Income summarySales salaries expenditureCost of pi soldSales remittancesSelling expendituresSales avail and allowancesUtilities expenditureCashAdministrative expenditures


(Click to fine)Sales salaries expenditureIncome summaryCashCost of pi soldAdministrative expendituresUtilities expenditureSales remittancesSelling expendituresSales avail and allowances


(Click to fine)Sales remittancesSelling expendituresIncome summarySales avail and allowancesCost of pi soldAdministrative expendituresSales salaries expenditureUtilities expenditureCash


(Click to fine)CashSelling expendituresSales salaries expenditureSales avail and allowancesCost of pi soldAdministrative expendituresIncome summarySales remittancesUtilities expenditure


(Click to fine)Selling expendituresSales salaries expenditureCashSales avail and allowancesUtilities expenditureSales remittancesCost of pi soldIncome summaryAdministrative expenditures


(Click to fine)Sales salaries expenditureCashSales remittancesUtilities expenditureIncome summarySales avail and allowancesSelling expendituresCost of pi soldAdministrative expenditures


(Click to fine)Sales salaries expenditureCost of pi soldAdministrative expendituresIncome summarySales remittancesSales avail and allowancesSelling expendituresUtilities expenditureCash


(Click to fine)Income summarySalaries expendituresSalaries payablePreremunerated selling expendituresCommon stockDividendsSuppliesCashJ. Deacon, Capital


(Click to fine)J. Deacon, CapitalIncome summaryDividendsPreremunerated selling expendituresCashSalaries expendituresSuppliesSalaries payableCommon stock


(Click to fine)DividendsJ. Deacon, CapitalSuppliesJ. Deacon, WithdrawalsAccounts payableSalaries expendituresSalaries payableCommon stockPreremunerated selling expenditures


(Click to fine)SuppliesJ. Deacon, CapitalSalaries payableAccounts payablePreremunerated selling expendituresJ. Deacon, WithdrawalsSalaries expendituresCommon stockDividends


11. value:

2.35 purposes

A posse reports the subjoined sales connected notification: Sales (gross) of $109,000; Sales remittances of $2,800; Sales avail and allowances of $8,000; Sales salaries expenditure of $5,100.

Prepare the net sales behalf of the posse s multiple-step pay announcement. (Input all equalitys as explicit values. Omit the "$" prognosticalal in your acceptance.)

Multiple-Step Pay Statement


(Click to fine)Cost of salesSalesSales avail and allowancesOther expenditureSales remittances

$


(Click to fine)Less: Sales avail and allowancesLess: Sales remittancesAdd: Sales avail and allowancesAdd: Sales remittancesSales

$


(Click to fine)Less: Sales remittancesAdd: Sales remittancesLess: Sales avail and allowancesSalesAdd: Sales avail and allowances



Net sales

12. value:

2.35 purposes

Chess Posse uses LIFO for register insist-uponing and reports the subjoined financial facts. It besides recomputed register and insist-upon of pi sold using FIFO for similarity purposes.

2011

2010

LIFO register

$

290

$

240

LIFO insist-upon of pi sold

870

810

FIFO register

360

265

FIFO insist-upon of pi sold

825

Cursolution results (using LIFO)

350

320

Cursolution liabilities

170

150

1. Compute its prevalent pertinency, register turnover, and days" sales in register for 2011 using (a) LIFO bulk and (b) FIFO bulk. (Use 365 days a year. Do not spherical middle calculations and spherical your definite sumer-arguments to 1 decimal locate.)

Cursolution pertinency

Inventory
turnover

Days" sales
in register

LIFO

times

days

FIFO

times

days

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Top of Form

Ringo Posse had $940,000 of sales in each of three arranged years 2010 2012, and it donationd pi insist-uponing $520,000 in each of those years. It besides maintained a $240,000 natural register from the outset to the end of that three-year continuance. In completionitying for register, it made an untruth at the end of year 2010 that caused its year-end 2010 register to exhibition on its announcements as $220,000 rather than the rectify $240,000.

13. value:

2.36 purposes

1. Determine the rectify equality of the posse"s shameful avail in each of the years 2010 2012. (Omit the "$" prognosticalal in your acceptance.)

2010

2011

2012

Gross avail

$

$

$


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14.

value:
2.36 purposes

2. Adapt proportionately pay announcements to exhibition the result of this untruth on the posse"s insist-upon of pi sold and shameful avail for each of the years 2010 2012. (Input all equalitys as explicit values. Omit the "$" prognosticalal in your acceptance.)

RINGO COMPANY
Comparative Pay Statements

Year 2010

Year 2011

Year 2012


(Click to fine)SalesBeginning registerGoods conducive for saleEnding registerCost of donations

$

$

$

Cost of pi sold


(Click to fine)Beginning registerEnding registerSalesAccounts payableGood conducive for sale

$

$

$


(Click to fine)Ending registerAccounts payableCost of donationsGood conducive for saleSales





(Click to fine)SalesCost of donationsGood conducive for saleEnding registerBeginning register


(Click to fine)SalesGood conducive for saleCost of donationsEnding registerBeginning register




Cost of pi sold




Gross avail

$

$

$







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Bottom of Form

16. 15.

value:
2.36 purposes

Duke Associates, ancestral dealers, donationd the interruption of an freehold for $37,600. Conditions of the donation were FOB shipping purpose, and the insist-upon of transporting the pi to Duke Associates depot was $1,250. Duke Associates insured the shipment at a insist-upon of $160. Prior to putting the pi up for sale, they cleaned and refurbished them at a insist-upon of $500.

Determine the insist-upon of the register adventitious from the freehold. (Omit the "$" prognosticalal in your acceptance.)

Cost of register

$

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value:
2.36 purposes

Harold Co. reputed the subjoined prevalent-year donations and sales facts for its merely fruit.

Date

Activities

Units Adventitious at Cost

Units Sold at Retail

Jan.

1

Beginning register

135

units

@ $11.40

=

$

1,539

Jan.

10

Sales

125

units

@$41.40

Mar.

14

Purchase

285

units

@ $16.40

=

4,674

Mar.

15

Sales

175

units

@$41.40

July

30

Purchase

435

units

@ $21.40

=

9,309

Oct.

5

Sales

265

units

@$41.40

Oct.

26

Purchase

635

units

@ $26.40

=

16,764







Totals

1,490

units

$

32,286

565

units













Assume that completion register is made up of 120 units from the March 14 donation, 170 units from the July 30 donation, and all 635 units from the October 26 donation. Using the unfair identification system, apportion the subjoined. (Omit the "$" prognosticalal in your acceptance.)

(a) Insist-upon of pi sold

$

(b) Shameful avail

$

17. value:

2.36 purposes

Ripken Company"s completion register includes the subjoined items.

Compute the inferior of insist-upon or negotiate for completion register applied disunitedly to each fruit. (Omit the "$" prognosticalal in your acceptance.)

Per Unit


Product

Units

Cost

Market

Helmets

33

$

55

$

51

Bats

26

73

79

Shoes

47

92

96

Uniforms

51

37

37

Compute the inferior of insist-upon or negotiate for completion register applied disunitedly to each fruit. (Omit the "$" prognosticalal in your acceptance.)

Product

LCM applied
to fruits

Helmets

$

Bats

Shoes

Uniforms


Total register at LCM

$



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