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Question - Question 1 Thefollowingselectedaccountsandaccountbalancesweretakenfromtherecordsof BatesCompany.Exceptasotherwiseindicated,allbalancesareasofDecember31, 2013, before the closing entries were recorded. Cash received from common stock issued during 2013$3,700 Cash 8,200 Revenue 8,600 Salary expense 2,800 Cash flow from operating activities 3,000 Notes payable 1,900 Utility expense 400 Dividends 1,800 Cash flow from financing activities 2,600 Rent expense 1,550 Land 20,800 Retained earnings, January 1, 2013 14,500 Common stock, December 31, 20 ...Read More 13 11,500 a.PreparetheincomestatementBateswouldincludeinits2013annual report.(Amounts to be deducted should be indicated with minus sign.) b.IdentifytheaccountsthatshouldbeclosedtotheRetainedEarningsaccount. (Select all that apply.) c. Determine the Retained Earnings account balance at December 31, 2013. d. Which of the following statement(s) is true? (Select all that apply.) Question 2 DavisCompanyhadthefollowingbalancesinitsaccountingrecordsasofDecember 31, 2013: Assets Cash $48,000 Accounts Receivable $50,000 Land $28,000 Totals $126,000 Liabilities and Equity Accounts Payable $30,000 Common Stock $80,000 Retained Earnings $16,000 Total $126,000 The following accounting events apply to Davis for 2014: Jan.1 Acquiredanadditional$46,000cashfromtheissueofcommon stock. April1 Paid $5,700 cash in advance for a oneyear lease for office space. June1 Paid a $1,800 cash dividend to the stockholders. July1 Purchased additional land that cost $28,000 cash. Aug.1 Made a cash payment on accounts payable of $12,000. Sept.1 Received$7,400cashinadvanceasaretainerforservicestobe performed monthly during the next eight months. Sept.30 Sold land for $19,000 cash that had originally cost $19,000. Oct.1 Purchased $1,160 of supplies on account. Dec.31 Earned $56,000 of service revenue on account during the year. Dec.31 Received $60,000 cash collections from accounts receivable. Dec.31 Incurred$12,000otheroperatingexpensesonaccountduringthe year. Dec. 31 Recognized accrued salaries expense of $5,200. Dec. 31 Had $120 of supplies on hand at the end of the period. Dec.31 The land purchased on July 1 had a market value of $40,000. Required: BasedontheprecedinginformationforDavisCompanyanswerthefollowingquestions. Allquestionspertaintothe2014financialstatements.(Hint:Recordtheeventsin general ledger accounts under an accounting equation before answering the questions.) a.Whattwoadditionaladjustingentriesneedtobemadeattheendoftheyear? (Youmayselectmorethanoneanswer.Singleclicktheboxwithacheckmarkforthe correct answer and double click to empty the box for the wrong answer.) Sept. 1, unearned revenue; cash was received in advance. June 1, cash dividends to stockholders Oct. 1, purchases on account April 1, prepaid rent. Aug. 1, cash payment; accounts payable Dec. 31, accrued salaries expense b.What amount would be reported for land on the balance sheet? c.Whatamountofnetcashflowfromoperatingactivitieswouldbereportedonthe statement of cash flows? d.What amount of rent expense would be reported in the income statement? e.What amount of total liabilities would be reported on the balance sheet? f.What amount of supplies expense would be reported on the income statement? g.What amount of unearned revenue would be reported on the balance sheet? h.Whatamountofnetcashflowfrominvestingactivitieswouldbereportedonthe statement of cash flows? (Negative amount should be indicated by a minus sign.) i.What amount of total expenses would be reported on the income statement? j.Whattotalamountofservicerevenuewouldbereportedontheincome statement? k.Whatamountofcashflowsfromfinancingactivitieswouldbereportedonthe statement of cash flows? l.What amount of net income would be reported on the income statement? m.What amount of retained earnings would be reported on the balance sheet? Question 3 Coates Inc., experienced the following events in 2013, in its first year of operation. 1.Received $15,500 cash from the issue of common stock. 2.Performed services on account for $45,000. 3.Paid the utility expense of $1,050. 4.Collected $33,490 of the accounts receivable. 5.Recorded $6,150 of accrued salaries at the end of the year. 6.Paid a $1,200 cash dividend to the shareholders. a.Recordtheeventsingeneralledgeraccountsunderanaccountingequation.In thelastcolumnofthetable,provideappropriateaccounttitlesfortheRetainedEarnings amounts.Thefirsttransactionhasbeenrecordedasanexample.(Leavenocellsblank becertaintoenter"0"whereverrequired.Select"NA"ifthereisnoeffectonthe retained earnings. Amounts to be deducted should be indicated with minus sign.) b.Preparetheincomestatement,statementofchangesinstockholders’equity, balancesheet,andstatementofcashflowsforthe2013accountingperiod.(Leaveno cellsblankbecertaintoenter"0"whereverrequired.Amountstobedeductedshould beindicatedwithminussign,exceptindividualexpenseswhichshouldbeenteredas positive values.) c.Whyistheamountofnetincomedifferentfromtheamountofnetcashflowfrom operating activities? (Input all amounts as positive values.) Question 4 Ross,AttorneyatLaw,experiencedthefollowingtransactionsin2013,thefirstyearof operations: 1.Purchased $1,200 of office supplies on account. 2. Accepted$18,400onFebruary1,2013,asaretainerforservicestobeperformed evenly over the next 12 months. 3.Performed legal services for cash of $64,500. 4.Paid cash for salaries expense of $20,800. 5.Paid a cash dividend to the stockholders of $4,600. 6.Paid $1,080 of the amount due on accounts payable. 7.Determinedthatattheendoftheaccountingperiod,$100ofofficesupplies remained on hand. 8. OnDecember31,2013,recognizedtherevenuethathadbeenearnedforservices performed in accordance with Transaction 2. Required: Showtheeffectsoftheeventsonthefinancialstatementsusingahorizontalstatements modellikethefollowingone.IntheCashFlowcolumn,usetheinitialsOAtodesignate operatingactivity,IAforinvestingactivity,FAforfinancingactivity,andNCfornet changeincash.UseNAtoindicateaccountsnotaffectedbytheevent.Thefirstevent has been recorded as an example. (Round your answers to nearest dollar amount.) Question 5 The following events pertain to James Cleaning Company: 1. Acquired $16,000 cash from the issue of common stock. 2. Provided services for $5,000 cash. 3. Provided $14,000 of services on account. 4. Collected $10,000 cash from the account receivable created in Event 3. 5. Paid $1,600 cash to purchase supplies. 6. Had $150 of supplies on hand at the end of the accounting period. 7. Received $3,400 cash in advance for services to be performed in the future. 8. Performed onehalf of the services agreed to in Event 7. 9. Paid $6,000 for salaries expense. 10. Incurred $2,500 of other operating expenses on account. 11. Paid $2,150 cash on the account payable created in Event 10. 12. Paid a $2,500 cash dividend to the stockholders. Required: Showtheeffectsoftheeventsonthefinancialstatementsusingahorizontalstatements modellikethefollowingone.IntheCashFlowscolumn,usethelettersOAtodesignate operatingactivity,IAforinvestingactivity,FAforfinancingactivity,andNCfornet changeincash.UseNAtoindicateaccountsnotaffectedbytheevent.Thefirsteventis recorded as an example. (Leave no cells blank enter 0 wherever required.) Question 6 OnDecember31,2013,MageeCompanyhadthefollowingnormalaccountbalancesin itsgeneralledger.Usethisinformationtoprepareatrialbalance.(TheitemsintheTrial Balanceshouldbegroupedasfollows:Assets,Liabilities,Equity,Dividends,Revenues and Expenses.) Common stock$21,500 Salaries expense15,500 Office supplies1,550 Advertising expense2,100 Retained earnings, 1/1/201314,720 Unearned revenue16,300 Accounts receivable6,750 Cash60,320 Service revenue79,340 Dividends5,450 Prepaid insurance6,300 Land22,050 Rent expense13,850 Accounts payable2,010 Questioin 7 The following events apply to Sanford Service Co. for 2013, its first year of operation. 1. Received cash of $47,500 from the issue of common stock. 2.Performed $98,000 worth of services on account. 3.Paid $65,700 cash for salaries expense. 4.Purchased supplies for $9,800 on account. 5.Collected $73,000 of accounts receivable. 6.Paid $7,200 of the accounts payable. 7.Paid a $7,000 dividend to the stockholders. 8.Had $1,580 of supplies on hand at the end of the period. Required: a.Record these events in general journal form. b.PosttheentriestoTaccountsanddeterminetheendingbalanceineach account. (Record the transactions in the given order.) c. Determine the amount of total assets at the end of 2013. d. Determine the amount of net income for 2013. Question 8 The following transactions pertain to Boykin Corporation for 2013. Jan. 1Beganoperationswhenthebusinessacquired$53,000cashfromthe issue of common stock. Mar. 1 Paid rent for office space for two years, $15,600 cash. Apr.14 Purchased $720 of supplies on account. June30Received$22,000cashinadvanceforservicestobeprovidedoverthe next year. July 5 Paid $540 of the accounts payable from April 14. Aug. 1 Billed a customer $10,100 for services provided during July. Aug. 8 Completed a job and received $3,400 cash for services rendered. Sept. 1 Paid employee salaries of $35,000 cash. Sept. 9 Received $8,200 cash from accounts receivable. Oct. 5 Billed customers $37,500 for services rendered on account. Nov. 2 Paid a $900 cash dividend to the stockholders. Dec. 31Adjustedrecordstorecognizetheservicesprovidedonthecontractof June 30. Dec. 31 Recorded $2,300 of accrued salaries as of December 31. Dec. 31 Recorded the rent expense for the year. (See March 1.) Dec. 31 Physically counted supplies; $50 was on hand at the end of the period. a.Recordtheprecedingtransactionsinthegeneraljournal:(Roundyouranswers to the nearest dollar amount.) b.PostthetransactionstoTaccountsandcalculatetheaccountbalances.(Recordthe transactionsinthegivenorder.Leavenocellsblankbecertaintoenter"0"wherever required. Round your answers to the nearest dollar amount.) c.Prepareatrialbalance.(TheitemsintheTrialBalanceshouldbegroupedasfollows: Assets,Liabilities,Equity,Dividends,RevenuesandExpenses.Roundyouranswersto the nearest dollar amount.) d.Preparetheincomestatement,statementofchangesinstockholders’equity,balance sheet,andstatementofcashflows.(Amountstobedeductedshouldbeindicatedwith minussign.Leavenocellsblankbecertaintoenter"0"whereverrequired.Roundyour answers to the nearest dollar amount.) e. PreparetheclosingentriesatDecember31.(Leavenocellsblankbecertainto enter "0" wherever required.) f.Prepareatrialbalanceaftertheclosingentriesareposted.(TheitemsintheTrial Balance should be grouped as follows: Assets, Liabilities, Equity and Dividends.) ...Read Less
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