How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask linda_us Your Own Question

linda_us
linda_us, Master's Degree
Category: Business and Finance Homework
Satisfied Customers: 800
Experience:  A tutor for Business, Finance, Accounts and other related topics.
Type Your Business and Finance Homework Question Here...
linda_us is online now
A new question is answered every 9 seconds

Part A 1 The following information was made available from

Customer Question

Part A

1
The following information was made available from the income statement and balance sheet of Miranda Company.
Item 12/31/10 12/31/09
Accounts Receivable $ 42,000 $ 45,000
Accounts Payable 27,900 24,500
Merchandise Inventory 68,000 63000
Sales 2010 170,000
Interest Revenue 2010 3,200
Dividends Revenue 2010 1,800
Tax expense 2010 11,600
Salaries Expenses 2010 22,400
COGS 2010 57,000
Interest Expenses 2010 2,200
Operating Expenses 19,400

Complete the cash flow from operating activities section for Meranda Company using the direct method for the year ended December 31, 2010.








2. Given the following balance sheet, complete a horizontal analysis. Compute the percentage to the nearest tenth of a percent.
Jessica jewel store comparative Balance sheet for year ended December 31, 2011 and 2010
In thousands 2011 2010 Difference Percentage
Assets
Current Assets
Cash Equivalents $319 $288
Accounts Receivable, net 166 173
Inventory 437 400
Total Current Asset 922 861
Property, Plant and equipment 377 412
Total Assets $1,299 $1273
Liabilities
Current liabilities
Accounts Payables 132 144
Accrued Liabilities 90 84
Total current liabilities 222 228
Long Term Liabilities 84 96
Total Liabilities 306 324
Stockholder Equity
Common Stock 288 255
Retained Earnings 705 694
Total Stockholder Equity 993 949
Total Liabilities and Stockholder Equity $1,299 1,273

Part B
1 A Given the following information, show the increase or decrease in the accounting equation:
A. Deanne invest $ 45,000 and $ 10,000 of office equiptment into the business.
B. Furniture is purchase for $8,000 cash
C. Supplies are purchased on credit for $2300
D. The month electric bill of $775 was paid
E. The month cash sale was $5,000.

2. Journalized the following transactions and include the explanations.
A. Tammy invested $40,000 into her corporation on June 11th
B. Tammy purchased inventory for $95,000 of which$70,000 was on account on June 14.
C. Tammy paid one month rent of $2,400 on June 16.
D. Tammy had sales of $15,000 on account on June 19.
E. Tammy had paid$2,500 on her payables account on June 21.

3. Prepare a trial balance from the following information for Computer System, Inc for December 31, 2012.
Accounts payable $4,298
Common Stock $4,073
Sales $8,302
Cash $1,902
Notes Payable $888
Wages Expenses $777
Supplies Expenses $1,028
Equipment $5,183
Accounts Receivables $1,733
Inventory $6,938


4. Compute the missing information from this post closing trial balance.

Cash $38,502
Accounts Receivable 14,372
Prepaid Rent 18,229
Prepaid insurance 4,583
Supplies (A)
Accounts Payables (B)
Wages Payables 29,428
Common Stocks 30,049
Retained Earnings 18,423
------------- -----------
Total $80,436 $80,436

5.
Journalized the following transactions using the perpetual inventory method.
Nov.1 Purchased $3,600 of merchandise from Hilltop, terms 2/10, n/30.
Nov 5. Purchased $1,750 of merchandise for cash from Owen Supply.
Nov 7 Purchased $ 3,400 of merchandise from Seaside, terms 1/15, n/30
Nov 10.Returned $500 of merchandise to Seaside. Credit Memo #131
Nov. 11 Paid the invoice from Hill top






6. Given the following information, prepare a balance sheet for Brandon Camp store for the year ending Dec 31, 2012.

Cash $38,745 Retained earnings $171,309
Common stocks $43,500 Equipment $37,
Accounts Recievabls $14,109 Accounts Payables $26,351
Land $35,000 Inventory $81,311
Prepaid Supplies $9,003 Income Taxes $5,284
Office Computer $16,399 Other PPE $26,550
Accum. Depr. (all) $21,013 Prepaid Insurance $9,140












7. Rick Company beginning inventory and purchased during the fiscal year ended December 31, 2012 were as follows(Note : the company used perpetual systems of inventory).
units Units Price Total Cost
January 1- Beginning inventory 18 $24 432
March 12- sold 13
April 11 -Purchase 45 $29 $1,305
June 20--Sold 33
Aug 16-Purchase 35 $27 $945
Sept 11--Sold 29
Total cost of inventory
Ending inventory is 23 units $ 2,682

What is the ending inventory of Ricks Company for 2012 using FIFO?
8. Assume that in year 1, the ending merchandise inventory is overstated by $30,000. If this is the only error in year 1 and 2, fill in the item below indicating which items will be understated, overstated, or correctly stated for year 1 and 2.
Items Year 1 Year 2
Gross Profit -----------------------------------------------
Net Income -----------------------------------------------
Ending Retained Earnings ------------------------------






9. Below is a list of treatments of Accountings topics. Place GAAP on the line if the treatment is GAAP-based and place IFRS on the line if the treatment is IFRS- based.
A. The use of LIFO is allowed -------------------------
B. Both research and development costs are incurred as expense ---------------
C .Market is defined as current replacement------------------

10. Record the necessary journal entries from the following bank reconciliation information for July 31 ,2011.
Bank Balance July 31, 2011 $28,542
Checkbook balance , July 31, 2011 29,344
Bank Collection of note receivable
1,545 + 210
interest
Bank service Charge 75
Deposits in transit 3,145
Outstanding Checks 2,685
NSF check from customer 770
Correction of book error (check # XXXXX written for $280, recorded at $28) – maintenance expense

11. Journalized the following transaction for Ryan Company:
July 1 sold $5300 of merchandise to Rick on Account.
Nov 1Exchanged Ricks Account receivable for an eight month, 6% note for $5300.
December 31 Recorded accrued interest on Jim 9round to the nearest dollar)
July 1 Rick paid off his note with interest (round to the nearest dollar).



12. A computer system was purchased on July 1 at a cost of $ 125,000. It is expected to be used for four years and to have a residual value of $5000 after 8000 hours of service. The system was used for 1750 hours the first year and 2100 hours the second year. Calculate the depreciation expense to the nearest dollar for the first and second year.
Method
Year 1 Year 2
Straight line ----------------- ---------------------
Double declining balancing ----------- --------------------
Units of Production --------------- --------------------

13. Prepare journal entries for the following transactions for Ryan Company in the general journal:
Feb 28 Machinery that cost $57000 had accumulate depreciation of $46000 was sold for $2500
April 10 A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.
July 16 Equipment that cost $120,000 and had accumulated depreciation of $112,000 was traded in for new equipment with a fair-market value of $140,000. The old equipment and $135,000 in cash were given for the new equipment.


14. Journalize the following treasury stock transactions:
May 1 Reacquired 800 shares of $15 par common stock for $13 per share.
May 7 Sold 400 shares at $11 per share.
May 9 Sold 250 shares at $17 per share.

15. The following information was taken from the financial statements of Brandon Company for 12/31/10 and 12/31/09:
Net income for 2010: $313,000
Depreciation expense for 2010: $28,400
Loss on sale of equipment: $7,300


Balance sheet 12/31/10 12/31/09
Accounts Receivable $46,000 $50,000
Merchandise Inventory 35,000 28,000
Accounts Payable 27,000 24,000
Interest Payable 6,000 8,000
Prepare the operating activities section of the statement of cash flows under the indirect method for the year ended December 31, 2010.
Submitted: 2 years ago.
Category: Business and Finance Homework
Expert:  BusinessTutor replied 2 years ago.

Hello and thank you for requesting me, but for future posts, please remember to type "For BusinessTutor" at the beginning of the post.

 

Please advise your deadline

Customer: replied 2 years ago.
Hi sorry but I am having a problem pasting the grid so you can see the Accounting questions properly
Expert:  BusinessTutor replied 2 years ago.

That is ok, but please advise your deadline

 

Thank you

Customer: replied 2 years ago.
I have some time Tuesday May 1st
Expert:  BusinessTutor replied 2 years ago.
I am not sure what you mean. I am asking "When is the deadline?"
Customer: replied 2 years ago.
Tuesday May 1st is my dead line
Expert:  BusinessTutor replied 2 years ago.
ok. Thank you
Customer: replied 2 years ago.
Hi I need your help with these questions. This Accounting test is very important and you have help in the past. the problem is that when I copy and paste the table is not pasted so some of the questions seemed confusion. what can I do?
Expert:  BusinessTutor replied 2 years ago.

I had to opt out extension cause every time you send me a message you lock me out of answering other posts and it cause a delay responding to other students. As per our agreement I would post the solutions to the above questions by tomorrow

 

If you need help with additional questions, please list them on a separate post and advise your deadline

 

Thank you

Customer: replied 2 years ago.

To: XXXXX XXXXX These are the questions I have for you and sorry for the mix up.

 

Part A

 

1

The following information was made available from the income statement and balance sheet of Miranda Company.

Item 12/31/10 12/31/09

Accounts Receivable $ 42,000 $ 45,100

Accounts Payable 27,900 24,500

Merchandise Inventory 68,000 63000

Sales 2010 170,000

Interest Revenue 2010 3,200

Dividends Revenue 2010 1,800

Tax expense 2010 11,600

Salaries Expenses 2010 22,400

COGS 2010 57,000

Interest Expenses 2010 2,200

Operating Expenses 19,400

 

Complete the cash flow from operating activities section for Miranda Company using the direct method for the year ended December 31, 2010.

 

 

 

 

 

 

 

 

2. Given the following balance sheet, complete a horizontal analysis. Compute the percentage to the nearest tenth of a percent.

Jessica jewel store comparative Balance sheet for year ended December 31, 2011 and 2010

In thousands 2011 2010 Difference Percent

Assets

Current Assets

Cash Equivalents $319 $288

Acct Rec, net 166 173

Inventory 437 400

Total Current Asset 922 861

Property, Plant equip 377 412

Total Assets $1,299 $1273

Liabilities

Current liabilities

Accounts Payables 132 144

Accrued Liabilities 90 84

Total current liabil 222 228

Long Term Liabili 84 96

Total Liabilities 306 324

Stockholder Equity

Common Stock 288 255

Retained Earnings 705 694

Total Stockhol equit 993 949

Total Liabilities and Stockholder Equity

$1299 $1273

 

Part B

1 A Given the following information, show the increase or decrease in the accounting equation:

  • A. Deanne invest $ 45,000 and $ 10,000 of office equipment into the business.
  • B. Furniture is purchase for $8,000 cash
  • C. Supplies are purchased on credit for $2300
  • D. The month electric bill of $775 was paid
  • E. The month cash sale was $5,000.

 

2. Journalized the following transactions and include the explanations.

A. Tammy invested $40,000 into her corporation on June 11th

B. Tammy purchased inventory for $95,000 of which $70,000 was on account on June 14.

C. Tammy paid one month rent of $2,400 on June 16.

D. Tammy had sales of $15,000 on account on June 19.

E. Tammy had paid$2,500 on her payables account on June 21.

 

3. Prepare a trial balance from the following information for Computer System, Inc for December 31, 2012.

Accounts payable $4,298

Common Stock $4,073

Sales $8,302

Cash $1,902

Notes Payable $888

Wages Expenses $777

Supplies Expenses $1,028

Equipment $5,183

Accounts Receivables $1,733

Inventory $6,938

 

 

4. Compute the missing information from this post closing trial balance.

 

Cash $38,502

Accounts Receivable 14,372

Prepaid Rent 18,229

Prepaid insurance 4,583

Supplies (A)

Accounts Payables (B)

Wages Payables 29,428

Common Stocks 30,049

Retained Earnings 18,423

Total $80,436 $80,436

 

5.

Journalized the following transactions using the perpetual inventory method.

Nov.1 Purchased $3,600 of merchandise from Hilltop, terms 2/10, n/30.

Nov 5. Purchased $1,750 of merchandise for cash from Owen Supply.

Nov 7 Purchased $ 3,400 of merchandise from Seaside, terms 1/15, n/30

Nov 10.Returned $500 of merchandise to Seaside. Credit Memo #131

Nov. 11 Paid the invoice from Hill top

 

 

 

 

6. Given the following information, prepare a balance sheet for Brandon Camp store for the year ending Dec 31, 2012.

 

Cash $38,745

Retained earnings $171,309

Common stocks $43,500

Equipment $37,200

Accounts Receivables $14,109

Accounts Payables $26,351

Land $35,000

Inventory $81,311

Prepaid Supplies $9,003

Income Taxes $5,284

Office Computer $16,399

Other PPE $26,550

Accum. Depr. (all) $21,013

Prepaid Insurance $9,140

 

 

 

 

 

 

 

 

 

 

 

7. Rick Company beginning inventory and purchased during the fiscal year ended December 31, 2012 were as follows(Note : the company used perpetual systems of inventory).

Units Units Price Total Cost

January 1- Begin inventory 18 $24 $432

March 12- sold 13

April 11 -Purchase 45 $29 $1,305

June 20-Sold 33

Aug 16-Purchase 35 $27 $945

Sept 11-Sold 29

Total cost of inventory

Ending inventory is 23 units $ 2,682

What is the ending inventory of Ricks Company for 2012 using FIFO?

 

 

8. Assume that in year 1, the ending merchandise inventory is overstated by $30,000. If this is the only error in year 1 and 2, fill in the item below indicating which items will be understated, overstated, or correctly stated for year 1 and 2.

Items Year 1 Year 2

Gross Profit -----------------------------------------------

Net Income -----------------------------------------------

Ending Retained Earnings ------------------------------

 

 

 

 

 

9. Below is a list of treatments of Accountings topics. Place GAAP on the line if the treatment is GAAP-based and place IFRS on the line if the treatment is IFRS- based.

A. The use of LIFO is allowed -------------------------

B. Both research and development costs are incurred as expense ---------------C .Market is defined as current replacement------------------

 

10. Record the necessary journal entries from the following bank reconciliation information for July 31 ,2011.

Bank Balance July 31, 2011 $28,542

Checkbook balance , July 31, 2011 29,344

Bank Collection of note receivable

1,545 + 210

interest

Bank service Charge 75

Deposits in transit 3,145

Outstanding Checks 2,685

NSF check from customer 770

Correction of book error (check # XXXXX written for $280, recorded at $28) - maintenance expense

 

 

11. Journalized the following transaction for Ryan Company:

July 1 sold $5300 of merchandise to Rick on Account.

Nov 1Exchanged Ricks Account receivable for an eight month, 6% note for $5300.

December 31 Recorded accrued interest on Jim round to the nearest dollar)

July 1 Rick paid off his note with interest (round to the nearest dollar).

12. A computer system was purchased on July 1 at a cost of $ 125,000. It is expected to be used for four years and to have a residual value of $5000 after 8000 hours of service. The system was used for 1750 hours the first year and 2100 hours the second year. Calculate the depreciation expense to the nearest dollar for the first and second year.

Method

Year 1 Year 2

Straight line ----------------- ---------------------

Double declining balancing ----------- --------------------

Units of Production --------------- --------------------

 

13. Prepare journal entries for the following transactions for Ryan Company in the general journal:

Feb 28 Machinery that cost $57000 had accumulate depreciation of $46000 was sold for $2500

April 10 A van that cost $23,700 and had accumulated depreciation of $21,000 was sold for $1,250.

July 16 Equipment that cost $120,000 and had accumulated depreciation of $112,000 was traded in for new equipment with a fair-market value of $140,000. The old equipment and $135,000 in cash were given for the new equipment.

 

 

 

 

14. Journalize the following treasury stock transactions:

May 1 Reacquired 800 shares of $15 par common stock for $13 per share.

May 7 Sold 400 shares at $11 per share.

May 9 Sold 250 shares at $17 per share.

 

15. The following information was taken from the financial statements of Brandon Company for 12/31/10 and 12/31/09:

Net income for 2010: $313,000

Depreciation expense for 2010: $28,400

Loss on sale of equipment: $7,300

Balance sheet 12/31/10 12/31/09

Accounts Receivable $46,000 $50,000

Merchandise Inventory 35,000 28,000

Accounts Payable 27,000 24,000

Interest Payable 6,000 8,000

Prepare the operating activities section of the statement of cash flows under the indirect method for the year ended December 31, 2010.

Expert:  Josie-Mod replied 2 years ago.
Hi, I am a Moderator for this topic. I sent your requested Professional a message to follow up with you here, when they are back online. If I can help further, please let me know. Thank you for your continued patience.
Expert:  BusinessTutor replied 2 years ago.
I cannot help extensions. Those are a lot of questions and I am currently very busy. Sorry about that

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • linda_us

    Master's Degree

    Satisfied Customers:

    688
    A tutor for Business, Finance, Accounts and other related topics.
< Last | Next >
  • http://ww2.justanswer.com/uploads/LI/lindaus/2012-6-10_04811_IMG20120609164157.64x64.jpg linda_us's Avatar

    linda_us

    Master's Degree

    Satisfied Customers:

    688
    A tutor for Business, Finance, Accounts and other related topics.
  • http://ww2.justanswer.com/uploads/JawaadAhmed/2009-6-27_12137_SIs_SHadi.jpg F. Naz's Avatar

    F. Naz

    Bachelor's Degree

    Satisfied Customers:

    296
    Have completed B.COM and CA Finalist
  • http://ww2.justanswer.com/uploads/JK/jkcpa/2011-1-16_182614_jkcpa.64x64.jpg Bizhelp's Avatar

    Bizhelp

    Bachelor's Degree

    Satisfied Customers:

    253
    BA degree and Certified Public Accountant
  • http://ww2.justanswer.com/uploads/ED/educatortech/2012-6-7_1256_williams4.64x64.jpg Mr. Gregory White's Avatar

    Mr. Gregory White

    Master's Degree

    Satisfied Customers:

    188
    M.A., M.S. Education / Educational Administration
  • http://ww2.justanswer.com/uploads/BF/bfc77usa/2011-5-11_42346_face.64x64.jpg Alex's Avatar

    Alex

    Bachelor's Degree

    Satisfied Customers:

    140
    BS in Business Administration with honors. Able to assist in many business related courses.
  • http://ww2.justanswer.com/uploads/FL/FLAandNYLawyer/2012-1-27_14349_3Fotolia25855429M.64x64.jpg FiveStarLaw's Avatar

    FiveStarLaw

    Lawyer, Accountant & Researcher

    Satisfied Customers:

    137
    25 years of experience helping people like you.
  • http://ww2.justanswer.com/uploads/BR/brittanyshock1/2012-6-16_174743_JAphoto.64x64.jpg Brittany's Avatar

    Brittany

    Professional

    Satisfied Customers:

    26
    AA/Accounting BS/Business
 
 
 

Related Business and Finance Homework Questions