A03 Rules of Accounting II
Half A (5 factors every for a attainable whole of 15 factors)
The next info is given for Tripp Firm, which makes use of the oblique technique.
Web earnings $20,000
Depreciation expense three,000
Improve in accounts receivable 2,000
Fee of dividends 2,000
Proceeds from sale of kit 6,000
Improve in accounts payable four,000
Lower in stock three,000
From the data offered, reply the next questions:
(1) The money stream from working actions is ________.
(2) The money stream from investing actions is ________.
(three) The money stream from financing actions is ________.
Half B (5 factors every for a attainable whole of 25 factors)
Chosen knowledge for Stick’s Design are given as of December 31, 12 months 1 and 12 months 2 (rounded to the closest hundredth).
12 months 2 12 months 1
Web Credit score Gross sales $25,000 $30,000
Value of Items Offered 16,000 18,000
Web Revenue 2,000 2,800
Money 5,000 900
Accounts Receivable three,000 2,000
Stock 2,000 three,600
Present Liabilities 6,000 5,000
Compute the next:
(1) Present ratio for 12 months 2.
(2) Acid-test ratio for 12 months 2.
(three) Accounts receivable turnover for 12 months 2.
(four) Common assortment interval for 12 months 2.
(5) Stock turnover for 12 months 2.
Half C (30 factors)
Put together an earnings assertion displaying departmental contribution margin primarily based on the next:
Dept. X Dept. Y Hire Expense
Area (sq. toes) 17,500 35,000
Web Gross sales $60,000 $40,000
Value of Items Offered 18,000 16,000
Hire Expense (allotted primarily based on sq. toes) $2,700
Half D (5 factors every for a attainable whole of 30 factors)
From the next transactions, put together the suitable basic journal entries for the month of April.
(1) Uncooked supplies costing $60,000 had been issued from the storeroom.
(2) Direct labor of $53,000 was charged to manufacturing.
(three) Oblique labor prices of $17,000 had been incurred.
(four) Overhead was utilized on the charge of 40% of direct labor .
(5) Accomplished merchandise costing $42,000 had been transferred to completed items.
(6) Merchandise costing $32,000 had been offered.