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Listed below are account balances (in $millions) taken from therecords of Symphony Stores. All of these are permanent accounts,except the last two that have yet to be closed. The installmentreceivables are current. Symphony uses a perpetual inventorysystem.

Debit Credit
Accounts receivable-trade 680
Building and equipment 920
Cash-checking 34
Installment receivables 50
Interest receivable 30
Inventory 16
Land 150
Note receivable Long-term 450
Petty cash funds 5
Prepaid expenses (for coming year) 20
Supplies 8
Trademark 40
Accounts payable-trade 560
Accumulated depreciation 80
Additional paid-in capital, common 485
Allowance for uncollectable accounts 20
Cash dividends payable 30
Common stock, at par 15
Income tax payable 65
Notes payable (long-term) 800
Retained earnings 48
Unearned revenues 40
Cash dividends declared-common 120
Income summary 380
TOTALS 2523 2523

What would Symphony report as total assets? Hint: Don t forgetto deduct the contra assets.

What would Symphony report as total shareholders' equity? Hint:You will need to deduct dividends.

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Jarrod Robel
Jarrod RobelLv2
28 Sep 2019

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Please Can you dojournal entries for each event. 2. Prepareadjusting entries, and Closing entries

The 2014 balance sheet of the Captain Jet Inc. is attached.During 2015, the following events occurred.
1. On January 10, sell merchandise on account to Rayms $9,800 andFischer $8,600. Terms 1/10, n/30. Freight $100 for each sale,F.O.B. shipping point.
2. On January 12, purchase merchandise on account from Zapfel$3,000 and Liotta $2,400. Terms 2/10, n/30. Freight $120 for eachsale, F.O.B. destination.
3. On January 13, receive checks, $4,000 from Longhini and $2,000from Hall, for sales on account after discount period haslapsed.
4. On January 15, send checks to Joosten for 9,000 less 2% cashdiscount, and to Maida for $11,000 less 1% cash discount.
5. On January 16, issue credit of $100 to Fieber for merchandisereturned.
6. On January 18, summary daily cash sales total $17,520.
7. On January 21, pay off the balances to Zapfel and Liotta for thepurchases on January 12.
8. On Feburary 9, receive payment in full from Rayms andFischer.
9. On March 1, pay rent of $6,000 for a two-year term.
10. On April 1, sell merchandise on account to Dunlap $1,600, term2/10, n/30. Freight $100, F.O.B. shipping point.
11. Pay $500 cash for office supplies on May 1.
12. Cash dividends totaling $900 are declared on June 13 and paidto stockholders on June 23.
13. Issue a note of $120,000 to bank (one year, annual interestrate 2%) for cash on July 1.
14. On July 5, purchase merchandise from Maida $33,000, terms 2/10,n/30.
15. On July 7, issue common stock 1000 shares, $10 par, in exchangeof a land with a fair market value of $15,000.
16. On July 8, return $200 of merchandise to Maida and receivecredit.
17. On August 1, sell merchandise to Lachey on account $80,000,term 1/10, n/30. Freight $1,500, F.O.B. shipping point.
18. On August 4, pay off the balance to Maida.
19. On August 10, receive half of the payment from Lachey.
20. On August 14, write off $1,300 bad debt for one account,Tooket.
21. On August 21, pay utilities expense, $10,092.
22. On August 31, Lachey pays off its balance.
23. On September 1, pay cash $7,500 to Farmington for merchandisepurchased last year.
24. On October 1, pay off notes payable $110,000 and associatedaccrued interest $6,000, of which $1,500 was shown on the balancesheet.
25. Over the year, sales and office employees earned $45,500 insalaries and wages, of which $1,500 was still payable at the end ofyear.
26. An unpaid utilities bill (December, $1,250) is due on January10 next year.

Additional Information at the end of the year:

1. Depreciation expense for the year was $13,250.
2. The company estimated that it has to pay federal income tax,$3,250.
3. After physically counting, the company decided that the endinginventories worth $40,146.
4. Based on its historical data, the company estimated that the baddebts were about 1% of net credit

1

sales.
5. Unearned revenue is decreased by $12,000.

6. The company expenses all of the supplies purchased during theyear.
7. No insurance policy is effective during the year.
8. The company used the gross method to record its purchases andsales on credit. 9. The company adopts the periodic inventorysystem.

Instructions:

Prepare journal entries for each event. 2. Prepare adjustingentries. Closing entries

CAPTAIN JET INC. BALANCE SHEETDECEMBER 31, 2014

Current Assets

Cash 42,500
Notes Receivable 16,000
Accounts Receivable 41,800
Less: Allowance for Doubtful Accounts I (3,000)

Nventories 38,000
Prepaid Insurance 540
Prepaid Rent 600

Total Current Assets 136,440

Non-Current Assets

Long-term Investments
Investments in held-for-maturity securities 52,000

Land held for future development 45,500

Property, Plant, and Equipment

Land 85,000

Buildings 675,000

Less: Accumulated Depreciation (187,500)

Intangible Assets

Capitalized Development Costs 8,000

Goodwill 76,700
Other Identifiable Intangible Assets 48,000

Total Non-Current Assets 802,700

Total Assets 939,140

Current Liabilities

Notes Payable 110,000

Accounts Payable 33,500

Unearned Revenues 12,000

Income Taxes Payable 8,440

Property Taxes Payable 6,600

Interest Payable 1,500

Total Current Liabilities 172,040

Non-Current Liabilities

Provisions Related to Pensions 84,100

Bonds Payable 300,000

Total Non-Current Liabilities 384,100

Total Liabilities 556,140

Stockholders' Equity

Common Stock 100,000
Preferred Stock 100,000
Paid-in-capital - Common Stock 27,500

Paid-in-capital - Preferred Stock 10,000
Retained Earnings 153,250
Accumulated Other Comprehensive Income 5,000

Less: Treasury Stock (12,750)

Total Stockholders' Equity 383,000

Total Liabilities and Stockholders' Equity393,140

Use the following check figures

Adjusted Trial Balance: Total $1,276,055

Income Statement:
Earning after income tax: $9,827

Retained Earnings Statement:

Retained Earnings: $162,177

Balance Sheet:

Inventory: $40,146

Total assets: $939,267

Statement of Cash Flows
Net cash flows from this year: ($1,274)

Cash (ending): $41,226

ACC 3010

Project 2

Spring Summer 2018

This project will be submitted in 3 parts. The submission dates and Required parts to be completed for each submission are:

Submission 1 - due Saturday June 16 before 5pm - You must submit your completed March Journal entries, your completed Inventory Cards for all 3 Inventory costing methods, and the Worksheet complete through the Trial Balance. Your file must be named correctly - "Your name (first and last) Project 2 part 1. Failure to name your file correctly will result in a 1 point deduction

1. Complete the Perpetual Inventory card worksheets to reflect the March purchases and sales under the 3 different Inventory costing methods. For the weighted average computations, round unit cost to the nearest penny and total cost to the nearest dollar.

2. Complete the March Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the LIFO costing method and post.

3. Post the March entries to the worksheet columns for the March entries and complete the Trial Balance columns of the Worksheet.

Inventory Information

Inventory on hand at the beginning of October:

Units Cost / unit Total Cost

Purchase # 1 10 50 $500

Purchase # 2 35 60 2,100

45 $2,600

March 2018 transactions related to buying and selling doodad inventory

1-Mar Sold 25 doodads at $115 each on credit

3-Mar Purchased 40 doodads at a cost of $70 per doodad on credit

15-Mar Sold 30 doodads at $125 each on credit

20-Mar Purchased 25 doodads at a cost of $80 per doodad on credit

24-Mar Sold 35 doodads at $140 each on credit

The PHYSICAL count of doodad inventory on hand at March 31, 2018 shows 18 doodads at a LIFO cost of $980.

#NAME?

PARTIALLY ADJUSTED TRIAL BALANCE

March 31 2018

Adjusting

Part Adj T/B

March Jes

Trial

Balance

& Bank Rec

Jes

Adusted TB

DR

CR

DR

CR

DR

CR

DR

CR

DR

CR

Cash

$253,560

Accounts Receivable

146,800

Allowance for Uncollectible Accounts

$2,569

Supplies

85,650

Inventory

2,600

Prepaid Insurance

16,800

Land

50,000

Building

125,500

Accumulated Depr – Building

5,670

Computer equipment

52,950

Accumulated Depr – Comp Equip

1,750

Office Furniture

85,960

Accumulated Depr - Office Furniture

890

Accounts Payable

48,526

Interest Payable

3,200

Utilities Payable

8,952

Wages Payable

98,505

Long term Note Payable

90,000

Mortgage Payable

60,000

Common Stock

400,000

Retained Earnings

106,468

Dividends

4,000

Service Revenue

345,650

Tablet Sales Revenue

210,250

Cost of Goods Sold

165,850

Bad Debt Expense

Depreciation Expense – Building

1,350

Depreciation Expense - Computer Equip

890

Depreciation Expense - Office Furn

650

Interest Expense

3560

Insurance Expense

38,950

Supplies expense

72,860

Bank fee (expense)

Utilities Expense

75,900

Wage Expense

198,600

TOTALS

$1,382,430

$1,382,430

$0

The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015:

ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2015
Assets
Cash $ 65,000
Accounts receivable 437,760
Raw materials inventory 90,200
Finished goods inventory 308,028
Total current assets 900,988
Equipment, gross 630,000
Accumulated depreciation (165,000)
Equipment, net 465,000
Total assets $ 1,365,988
Liabilities and Equity
Accounts payable 204,500
Short-term notes payable 27,000
Total current liabilities $ 231,500
Long-term note payable 515,000
Total liabilities 746,500
Common stock 350,000
Retained earnings 269,488
Total stockholders’ equity 619,488
Total liabilities and equity $ 1,365,988


To prepare a master budget for April, May, and June of 2015, management gathers the following information.

a.

Sales for March total 22,800 units. Forecasted sales in units are as follows: April, 22,800; May, 16,000; June, 23,000; July, 22,800. Sales of 255,000 units are forecasted for the entire year. The product’s selling price is $24.00 per unit and its total product cost is $19.30 per unit.
b.

Company policy calls for a given month’s ending raw materials inventory to equal 50% of the next month’s materials requirements. The March 31 raw materials inventory is 4,510 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,500 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials.
c.

Company policy calls for a given month’s ending finished goods inventory to equal 70% of the next month’s expected unit sales. The March 31 finished goods inventory is 15,960 units, which complies with the policy.
d.

Each finished unit requires 0.50 hours of direct labor at a rate of $11 per hour.
e.

Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.20 per direct labor hour. Depreciation of $35,020 per month is treated as fixed factory overhead.
f.

Sales representatives’ commissions are 10% of sales and are paid in the month of the sales. The sales manager’s monthly salary is $4,500.
g.

Monthly general and administrative expenses include $27,000 administrative salaries and 0.6% monthly interest on the long-term note payable.
h.

The company expects 20% of sales to be for cash and the remaining 80% on credit. Receivables are collected in full in the month following the sale (none is collected in the month of the sale).
i.

All raw materials purchases are on credit, and no payables arise from any other transactions. One month’s raw materials purchases are fully paid in the next month.
J.

The minimum ending cash balance for all months is $55,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance.
K. Dividends of $25,000 are to be declared and paid in May.
l.

No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter.
m. Equipment purchases of $145,000 are budgeted for the last day of June.


Required:

Prepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below. Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar:

Sales budget.

ZIGBY MANUFACTURING
Sales Budget
April, May, and June 2015
Budgeted Unit Sales Budgeted Unit Price Budgeted Total Dollars
April 2015
May 2015
June 2015
Totals for the quarter

Production budget.

ZIGBY MANUFACTURING
Production Budget
April, May, and June 2015
April May June
Next month's budgeted sales (units) 16,000 23,000 22,800
Ratio of inventory to future sales 70% 70% 70%
Required units of available production
Units to be produced

Raw materials budget.

ZIGBY MANUFACTURING
Raw Materials Budget
April, May, and June 2015
April May June
Production budget (units)
Materials needed for production
Total materials requirements (units)
Materials to be purchased
Material price per unit
Total cost of direct material purchases

Direct labor budget.

ZIGBY MANUFACTURING
Direct Labor Budget
April, May, and June 2015
April May June Total
Budgeted production (units)
Total labor hours needed
Labor dollars

Factory overhead budget.

ZIGBY MANUFACTURING
Factory Overhead Budget
April, May, and June 2015
April May June Total
Labor hours needed
Budgeted variable overhead
Budgeted fixed overhead
Budgeted total overhead

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