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1) At December 31, 2009, the general ledger of Main Street

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1) At December 31, 2009, the general ledger of Main Street Marketing had the following account balances. All adjusting entries (except for income taxes at 40%) have been made. The company had 9,000 shares of common stock outstanding during the year.
Accounts payable $7,340
Accounts receivable 12,980
Accrued liabilities 22,500
Accumulated depreciation 14,980
Advertising expense 8,777
Cash 7,980
Common stock 28,000
Cost of goods sold 118,922
Depreciation expense 11,254
Equipment 78,700
Loss on sale of land 7,900
Interest expense 1,980
Merchandise 22,990
Land 50,000
Retained earnings 37,091
Sales revenue 311,200
Utilities expense 6,350
Wages 71,245
a.) What is the amount of gross profit? (Show your computations.)
b.) What is the amount of operation income? (Show your computations.)
c.) What is the amount of pretax income? (Show your computations.)
d.) What is the amount of net income? (Show your computations.)
e.) What are the earnings per-share? (Show your computations.)

2) Arizona Company reported accounts receivable of $21,200,000 at the end of its 2009 fiscal year. This amount was net of an allowance for doubtful accounts of $1,456,000. During 2010, Georgia sold $72,300,400 of merchandise on credit. It collected $48,520,555 from customers. Accounts valued at $2,125,000 were written off as uncollectible during 2010. Arizona’s management estimates that 8% of the year-end accounts receivable balance will be uncollectible.
a.) What amount will Arizona report for accounts receivable? (Show your computations.)
b.) What is the balance for the allowance for doubtful accounts at the end of 2010? (round to whole numbers) (Show your computations.)
c.) What is the doubtful accounts expense for 2010? (Show your computations.)

3) The following information regarding inventory transactions is available for the month of July.
Date Type of Event #Units Unit Cost Total Cost
July 1 Beginning Inventory 180 $8 $1,440
July 5 Purchase 75 $9 $675
July 9 Sale 80
July 12 Sale 45
July 17 Purchase 140 $10 $1,400
July 26 Sale 75
July 29 Purchase 40 $11 $440
a.) What is the cost of goods sold under FIFO? (Show your computations.)
b.) What is the ending inventory under FIFO? (Show your computations.)
c.) What is the cost of goods sold under LIFO? (Show your computations.)
d.) What is the ending inventory under LIFO? (Show your computations.)
e.) What is the cost of goods sold under the weighted average method? (Show your computations.)
f.) What is the ending inventory under the weighted average method? (Show your computations.)

4) The Frame It Company reporting the following items on its income statement in 2009.
A. Net operating revenues, $814,250
B. Cost of goods sold, $305,908
C. Selling and administrative expenses, $198,450
D. Research and development expense, $99,993
E. Net interest expense, $7,887
F. Provision for income taxes, $78,909
G. Current year loss from discontinued operations of $18,000, net of tax benefit of $6,858
H. Loss from sale of discontinued operations of $52,000, net of tax benefit of $11,525
I. Preferred stock dividends, $24,000
The company had 40,000 shares of common stock outstanding throughout the fiscal year. Compute each of the following: (Show your computations.)
a.) Operating income
b.) Income (loss) from continuing operations, before taxes
c.) Income (loss) before discontinued operations
d.) Net income (loss)
e.) Net income (loss) available for common shareholders
f.) Earnings per-share from continuing operations
g.) Earnings per-share from discontinued operations
h.) Earnings per-share from net income (loss)
Submitted: 5 years ago.
Category: Homework
Expert:  Linda_us replied 5 years ago.
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