ACC 312 Test 1 (2)(3) (1)
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Accounting 312
External Reporting Spring, 2023, Test 1 JA Schweikart
Name_________________________________
You are to download this test on your computer, work on the homework by typing in answers and return to me Monday evening, February 6, no later than 5:00 pm. Return to me at my RIC email jschweikart@ric.edu.
1.
(20 pts) Altoona Company began the year with 300,000 shares of $5 par common stock. On April 1, they issued 150,000 shares. On July 1, they issued 60,000 shares. On September 1, Altoona experienced a 2 for 1 stock split, and on October 1, they repurchased 20,000 shares and
placed them in the treasury.
Prepare a schedule showing the weighted average shares for the year to be used in earnings per share calculations.
2.
(20 pts) Johnstown Company granted 10 officers rights to buy 10,000 shares each of common stock $2 par, at $11 per share on May 1, 2020 the grant date. The stock was selling for $8 per share at the time. The rights cannot be exercised until the beginning of 2021 and expire at the end of 2021. Compensation expense is $175,000, covering a period of 2021 and 2022.
Record the following:
Dr.
Cr.
May 1, 2020, the grant date, issue of the rights.
Dec. 31, 2021, compensation expense
Jul. 1, 2021, 90% of the rights were exercised, as the stock climbed to $13 per share.
Dec. 31, 2022, 10% of the rights expired because one officer left the company.
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Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
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Exercise 133 a-b
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On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts
Payable control account had a credit balance of $109,000.
The October transactions recorded in the special journals are presented below.
Special Journals
October Transactions
Sales journal
Total sales
$183,000
Purchases journal
Total purchases
75,000
Cash receipts journal
Accounts receivable column total
128,000
Cash payments journal
Accounts payable column total
49,000
Compute the balance of the accounts rsceivable control accounts after the monthly postings on October 31.
Accounts Receivable
Compute the balances of the accounts payable control accounts after the monthly postings on October 31.
Accounts Payable
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Journalizing Installment Notes
On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note
payment consists of $5,720 of interest and $8,350 of principal repayment.
a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.
b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.
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1. In this section we examine three theories of investor preference: The dividend irrelevance
theory. The "bird in the hand" theory, the tax preference theory, which theory is the best?
What is the different of stock dividends, stock splits, and stock repurchase.
2. In the working capital management, we know about cash conversion cycle model. For
problem if average inventories are $3 million and sales are $11 million. If receivables are
S 657.535 and sales are S 11 million. Then, if its cost of goods sold are $9 million per year
and if its accounts payable average $ 657.535. What is the length of the cash conversion
sicle?
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Exercise 8-07
Your answer is partially correct. Try again.
Lily Company established a petty cash fund on May 1, cashing a check for $115. The company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund $3.00. Receipts: delivery expense $28.15, postage expense $36.30, and miscellaneous expense $44.70.
July 1: Cash in fund $4.05. Receipts: delivery expense $23.90, entertainment expense $50.70, and miscellaneous expense $36.35.
On July 10, Lily increased the fund from $115 to $145.00.
Prepare journal entries for Lily Company for May 1, June 1, July 1, and July 10. (Credit account titles are automatically indented when amount is entered. Do n
answers to 2 decimal places, e.g. 52.75. Record journal entries in the order presented in the…
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At August 31, Coffman Company has this bank information: cash balance per bank $6,450; outstanding checks $2,762; deposits in
transit $1,700; and a bank service charge $20.
Determine the adjusted cash balance per bank at August 31, 2021.
Adjusted cash balance per bank
2$
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Entries for notes payable
Obj. 1 A business issued a 120-day,5% note for $60,000 to a creditor on
account. Journalize the entries to record (a) the issuance of the note and
(b) the payment of the note at maturity, including interest.
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Accounting
Chapter 13 - Homework Problem
During the last week of August, Apache Arts Company's owner approaches the bank for
an $80,000 loan to be made on September 2 and repaid on November 30 with annual
interest of 12%, for an interest cost of $2,400. The owner plans to increase the store's
inventory by $60,000 during September and needs the loan to pay for inventory
acquisitions. The bank's loan officer needs more information about Apache Arts' ability
to repay the loan and asks the owner to forecast the store's November 30 cash position.
On September 1, Apache Arts is expected to have a $3,000 cash balance, $135,000 of
accounts receivable, and $100,000 of accounts payable. Its budgeted sales, merchandise
purchases, and various cash disbursements for the next three months follow:
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September…
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Chapter 12: Payroll Accounting
Question 1 (of 12)
1.
The sales clerks of Teresa's Treasures are paid a
sales they make. Find the amount of commission and gross earnings for these employees. (Round your
answers to 2 decimal places. Omit the "$" sign in your response.)
lary of $225 per
ek plus a commission
8% on all
Sales for
the Week
Name
Commission
Gross Earnings
S 2,392.50
$ 3,480.75
Tina Valendez
Jan Yarrow
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O Assets, liabilities, and equity are understated.
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Proceeds from Notes Payable
On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year.
a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%.
b. Determine the proceeds of the note, assuming the note is discounted at 6%.
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The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash on
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Question 9 of 15
If the margin on an item is 22.00%, calculate the rate of markup of the item.
Round to two decimal places if necessary
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Robert LaClerq is paid a regular wage of $9.50 an hour, overtime at the rate of 12 times the regular rate for
all hours worked over 8 in any weekday, and overtime at the rate of 2 times the regular rate for hours
worked on Saturdays, Sundays, and holidays. During the week ended February 14, LaClerq worked the
following days and hours.
Calculate the regular hours worked and the overtime hours worked. Then answer the questions that follow.
Total Hours
Worked
Regular
Hours
Overtime
Hours
Day
Monday
7.
Tuesday
10
8
Wednesday
8.
8
Thursday
10
8
Friday
11
8
Saturday
2
2
48
41
1. How many regular hours did Mr. LaClerq work?
Regular Hours
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1. From the following Trial balance , you are require to prepare the final accounts for the year ended 31st December 2020.
Grades
Particulars
Amount (Dr)
Amount(Cr)
4,80,000
Сapital
Drawings
Land & Building
People
1,35,000
4,50,000
Pages
Account
Creditors
3,15,000
Files
Plant& Machinery
1,20,000
Purchase returns
7,950
Syllabus
Bills receivable
18,000
Dashboard
Sales
6,54,000
Quizzes
Opening stock
1,20,000
1,53,000
78,000
1,500
3,000
1,14,000
10,200
79,800
1,35,000
3,600
6,000
18,000
11,850
Courses
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Purchase
Wages
Carriage outwards
Carriage inwards
Salaries
Calendar
Discount
Inbox
Bank balance
Debtors
Bad debts
Sales returns
Furniture
Advertisements
Total
14,56,950
14,56,950
Adjustments:
Stock on 31st December,2020 is Rs. 1,05,000
Machinery & Furniture to be depreciated @ 10%.
Wages outstanding is Rs. 4,50O
Prepaid Advertisement is Rs.1,500
A…
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Graded Assignment 1: Gold Mit Seals
There is a retailer called "The Coop", which carries a wide variety of products with MIT's name and logo: shirts, caps,
keychains, pens... you name it! Anything from golf balls and teddy bears to pocket protectors and jewelry. With a store inside
MIT's Student Center, and another one in the popular Kendall Square, across the street from MIT campus, The Coop is a
favorite stop for casual MIT visitors, current students and their relatives, and nostalgic alumni.
The Coop carries a line of products that feature MIT's official seal cast in a jewelry-grade steel. The same seal (about the
size of a coin) is used in multiple finished goods, such as necklaces, tie pins, cufflinks, and paperweights. The Coop is
considering introducing in 2018 a new line of products featuring MIT's seal cast in 18 karat gold. These seals would be used
in upscale jewelry, and as an ornament in the diploma frames that sell especially during…
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Analysis of Receivables Method
At the end of the current year, Accounts Receivable has
balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sale
for the year total $102,480,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $205,000.
a. Determine the amount of the adjusting entry for uncollectible acfounts.
b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.
Accounts Receivable
Allowance for Doubtful Accounts
Bad Debt Expense
c. Determine the net realizable value of accounts receivable.
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Exercise 11-13 a-b (Part Level Submission)
According to a payroll register summary of Bramble Company, the amount of employees' gross pay in December was $862,000, of which $87,000 was not subject to Social Security
taxes of 6.2% and $761,000 was not subject to state and federal unemployment taxes.
(a)
X Your answer is incorrect. Try again.
Determine the employer's payroll tax expense for the month, using the following rates: FICA 7.65%, state unemployment 5.4%, and federal unemplayment 0.8%. (Round
answer to 0 decimal places, e.g. 125.)
Payroll tax expense
$:
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