29 Jun Question 1) Transactions for Mehta Company for the mon
Question
1) Transactions for Mehta Company for the month of May are presented below.
May
1
B.D. Mehta invests $3,300 cash in exchange for common stock of Mehta Company, a small welding corporation.
3
Buys equipment on account for $1,245.
13
Pays $497 to landlord for May rent.
21
Bills Noble Corp. $511 for welding work done.
Prepare journal entries for each of these transactions.
2) On July 1, 2012, Crowe Co. pays $19,352 to Zubin Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Crowe Co. journalize the entry on July 1 and the adjusting entry on December 31. (Round answers to zero decimal places, e.g. 2,555.)
3) Dresser Company’s weekly payroll, paid on Fridays, totals $6,100. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the $6,100 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
4) Side Kicks has year-end account balances of Sales $900,990; Interest Revenue $15,300; Cost of Goods Sold $559,960; Operating Expenses $226,990; Income Tax Expense $36,710; and Dividends $22,699. Prepare the year-end closing entries. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
5) Starr Co. had sales revenue of $627,800 in 2012. Other items recorded during the year were:
Cost of goods sold
$324,500
Wage expense
128,700
Income tax expense
26,700
Increase in value of company reputation
19,300
Other operating expenses
11,700
Unrealized gain on value of patents
20,000
6) Prepare a single-step income statement for Allen for 2012. Allen has 100,000 shares of stock outstanding.(List multiple entries from largest to smallest amount, e.g. 10, 5, 2. Round earnings per share to 2 decimal places, e.g. 0.20. Enter all amounts as positive amounts and subtract where necessary.)
7) Portman Corporation has retained earnings of $707,080 at January 1, 2012. Net income during 2012 was $1,811,090, and cash dividends declared and paid during 2012 totaled $76,490. Prepare a retained earnings statement for the year ended December 31, 2012. Assume an error was discovered: land costing $87,050 (net of tax) was charged to repairs expense in 2009. (Enter all amounts as positive amounts and subtract where necessary.)
8) On January 1, 2012, Richards Inc. had cash and common stock of $63,530. At that date the company had no other asset, liability or equity balances. On January 2, 2012, it purchased for cash $21,710 of equity securities that it classified as available-for-sale. It received cash dividends of $4,940 net of tax during the year on these securities. In addition, it has an unrealized holding gain on these securities of $6,880 net of tax. Determine the following amounts for 2012: (a) net income; (b) comprehensive income; (c) other comprehensive income; and (d) accumulated other comprehensive income (end of 2012).
9) Armstrong Corporation reported the following for 2012: net sales $1,229,700; cost of goods sold $750,700; selling and administrative expenses $335,300; and an unrealized holding gain on available-for-sale securities $17,400.
10)Prepare a statement of comprehensive income, using the two-income statement format. Ignore income taxes and earnings per share.(Enter all amounts as positive amounts and subtract where necessary.)
11) Guillen, Inc. began work on a $7,088,400 contract in 2012 to construct an office building. Guillen uses the completed-contract method. At December 31, 2012, the balances in certain accounts were construction in process $1,752,600; accounts receivable $252,600; and billings on construction in process $1,108,600. Indicate how these accounts would be reported in Guillen’s December 31, 2012, balance sheet.
12) Lazaro, Inc. sells goods on the installment basis and uses the installment-sales method. Due to a customer default, Lazaro repossessed merchandise that was originally sold for $890, resulting in a gross profit rate of 40%. At the time of repossession, the uncollected balance is $710, and the fair value of the repossessed merchandise is $281. Prepare Lazaro’s entry to record the repossession. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.)
13) Harding Corporation has the following accounts included in its December 31, 2012, trial balance: Accounts Receivable $118,190; Inventories $297,600; Allowance for Doubtful Accounts $9,260; Patents $75,110; Prepaid Insurance $9,630; Accounts Payable $85,580; Cash $27,010. Prepare the current assets section of the balance sheet listing the accounts in proper sequence.
14) Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2012: Prepaid Rent $21,860; Goodwill $55,710; Franchise Fees Receivable $4,820; Franchises $40,540; Patents $34,850; Trademarks $13,780. Prepare the intangible assets section of the balance sheet. (List amounts from largest to smallest, e.g. 10, 5, 3, 2.)
15) Hawthorn Corporation’s adjusted trial balance contained the following accounts at December 31, 2012: Retained Earnings $123,010; Common Stock $707,490; Bonds Payable $109,630; Additional Paid-in Capital $209,230; Goodwill $64,340; Accumulated Other Comprehensive Loss $151,180. Prepare the stockholders’ equity section of the balance sheet. (List entries in order of stock preferred status. For negative numbers use either a negative sign preceding the number, e.g. -45 or parenthesis, e.g. (45).)
16)Keyser Beverage Company reported the following items in the most recent year.
Net income
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