Acct 601 final exam | Accounting homework help

ACCT 601

 

Fall Semester, 2015-16

 

Remaining Examination

 

 

 

 

 

Name____________________________

 

 

 

 

 

  1. Put together journal entries to report every of the next transactions. You do not want to write down explanations under the journal entries.

     

 

 

  1. Create normal ledger accounts for every account and submit every of the journal entries to an current normal ledger account.

     

 

 

  1. Put together adjusting journal entries as you deem obligatory. Apart from the knowledge supplied for adjusting journal entries, overview the transactions and overview your unadjusted trial stability for every other adjusting journal entries chances are you’ll want to organize. 

     

 

 

  1. Publish every of the adjusting journal entries to the overall ledger accounts.

     

 

 

  1. Put together closing entries and submit the entries to the overall ledger accounts.

     

 

 

  1. Put together trial balances as you deem obligatory.

     

 

 

  1. Put together the next monetary statements, of their correct format, for the month of January

     

  • Earnings assertion

     

  • Assertion of retained earnings

     

  • Steadiness sheet

     

  • Assertion of Money Stream

     

 

 

 

           

 

Shocker Electronics is a brand new firm that distributes laptop gear to stores.  The next data pertains to Shocker Electronics throughout their first month of operations:

 

 

 

Suppliers                                                   gross sales worth           value                      phrases

 

            Xtreme -game techniques                  $ three,00zero.00       2,400.00                          1% 15, internet 30

 

             HP -office techniques                          2,00zero.00       1,700.00                          1%/20, internet/30

 

            Gateway -home techniques                     900.00          720.00                          2%/10, internet/30

 

 

 

Prospects

 

            Cuesta Laptop                    phrases 2%/10 internet 30

 

            Mustang Laptop                 phrases 2%/10 internet 30

 

            SLO CPU                               phrases 2%/10 internet 30

 

            walk-in prospects                   money solely – no low cost

 

 

 

Jan 1                Issued 10,00zero shares of $1 par worth widespread inventory for $15 per share.

 

Jan 1                Made a $50,00zero down cost and signed a $600,00zero mortgage to buy land and constructing, which will probably be used because the distribution heart. The land comprised of three (three) heaps which appraised at $132,00zero every ($396,00zero whole)  and the constructing appraised for $264,00zero. The constructing occupies one (1) lot, one (1) lot will function parking and WCD intends to promote the third lot.

 

                        The mortgage is a ten (10) 12 months, eight.zero%  mortgage requiring month-to-month funds consisting of precept and curiosity. The primary cost is due Feb. 1st.Please connect a mortgage amortization schedule.

 

Jan 1                Issued 100 bonds with $1,00zero face worth and 6% coupon charge. The bonds mature in ten (10) years and pay curiosity semi-annually on July 1st and January 1st. The bonds promote at a worth to yield an eight% efficient rate of interest.  The efficient curiosity technique will probably be used to amortize the bond premium or low cost.  Please connect a bond amortization schedule.

 

Jan 1                Borrowed $100,00zero from First Financial institution to buy shelving for the warehouse. The shelving value $100,00zero and is anticipated to final 5 (5) years. The be aware is a 3 (three) 12 months, 9% be aware that requires precept and curiosity funds on the final day of every month. Please connect a mortgage amortization schedule

 

Jan 1                Buy stock

 

                        150 techniques from Gateway at $720 per system         phrases 2%/10, internet/30

 

                        100 techniques from HP at $1,700 per system                phrases 1%/20, internet/30

 

                        40 techniques from Xtreme at $2,400 per system           phrases 1% 15, internet 30

 

 

 

Jan 1                Paid $1,00zero for provides.

 

 

 

Jan 5                Bought Cuesta Laptop sixty (60) Gateway sytstems and forty (40) HP

 

                        techniques, on account.

 

 

 

Jan 6                Paid Gateway invoice in full (within the low cost interval)

 

 

 

Jan 10              Bought SLO CPU twenty-five (25) Xtreme techniques.

 

 

 

Jan 14              Acquired cost in full from Cuesta Laptop (within the low cost interval).

 

 

 

Jan 14              Bought Mustang Laptop fifty (50) Gateway sytstems and fifty (50) HP techniques. 

 

 

 

Jan 14              Paid HP invoice in full (within the low cost interval)

 

 

 

Jan 15              Buy stock

 

                        75 techniques from Gateway at $720 per system           phrases 2%/10, internet/30

 

                        50 techniques from HP at $1,700 per system                  phrases 1%/20, internet/30

 

                        25 techniques from Xtreme at $2,400 per system           phrases 1%/15, internet 30

 

 

 

Jan 16              Paid salaries totaling $5,00zero for the primary half of the month. To be able to make this entry it’s essential to know that 15% was withheld for federal revenue tax, 5% was withheld for state revenue tax, 7.65% (6.2% social safety and 1.45% medicare) was withheld for FICA. Do not forget that the employer can be answerable for matching the worker’s contribution to FICA.  All taxes, each the worker’s and employer’s, are paid quarterly all year long.

 

 

 

Jan 20              Bought Cuesta Laptop forty (40) Gateway techniques and forty (40) HP techniques, on account.

 

 

 

Jan 22              Bought SLO CPU twenty-five (25) Xtreme techniques.

 

 

 

Jan 23              Acquired cost in full from Mustang Computer systems (in low cost interval).

 

 

 

Jan 24              Paid Gateway invoice in full (within the low cost interval)

 

 

 

Jan 25              Acquired cost in full from SLO CPU. The primary bill was out of low cost interval and the second bill was within the low cost interval.

 

 

 

Jan 27              Bought the additional parcel of land, which was held as an funding, for $125,00zero.

 

 

 

Jan 28              Paid Xtreme invoice in full (first bill out of the low cost interval)

 

                        Paid Xtreme invoice in full (second bill within the low cost interval)

 

 

 

Jan 29              Paid HP invoice in full (within the low cost interval)

 

 

 

Jan 29              Acquired cost in full from Cuesta Laptop (within the low cost interval).

 

 

 

Jan 30              Bought Mustang Laptop fifty (50) Gateway techniques and ten (10) HP techniques.

 

 

 

Extra data

 

                       

 

                       Accounts Receivable:  Accounts receivable are evaluated on the finish of every month.  It’s estimated that 2% of all accounts receivable is not going to be collected.

 

 

 

                       Stock:  The weighted common value technique is used to worth product bought from every provider.  Due to this fact, you’ll have to calculate stock values and value of products offered by provider.  A periodic stock system is utilized.

 

 

 

                        Depreciation on:          constructing – 20 years, straight-line, no salvage worth.

 

                                                            shelving – 5 years, double declining stability, no

 

                                                            salvage worth

 

                         

 

                        Provides price $175 are readily available on the finish of the month

 

                       

 

 

                         Accrue salaries for the second half of the month (identical quantity as Jan. 16th salaries).  These salaries will probably be paid on February 1st.