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15 ACCOUNT QUESTIONS! I NEED HELP WITH ASAP! THANK YOU SOMUCH!

1. A company reported total stockholders' equity of $290,000 onits Dec 31, 2015, balance sheet. The following information isavailable for the year ended Dec 31, 2016:

Revenues

$620,000

Expenses

330,000

Liabilities, on December 31, 2016

144,000

3. Samores Company sold merchandise on account for $3,000 toCookie Company with credit terms of 2/10, n/30. Five days later,Cookie Company returned $1,000 of merchandise that was damaged,along with a check to settle the account.

What entry does Samores Company make upon receipt of thecheck?

Select one:

A.

Cash

1,960

Sales Returns and Allowances

1,040

Accounts Receivable

3,000

B.

Cash

2,000

Accounts Receivable

2,000

C.

Cash

1,960

Sales Returns and Allowances

1,000

Sales Discounts

40

Accounts Receivable

3,000

D.

Cash

2,940

Sales Discounts

60

Accounts Receivable

3,000

What are the total assets of the company on December 31,2016?

Select one:

A. $420,000

B. $184,000

C. $724,000

D. $ 38,000

8. The following inventory was available for sale during theyear for Thomasina Tools:

Beginning inventory

10 units at $80

First purchase

15 units at $110

Second purchase

30 units at $140

Third purchase

20 units at $130

Thomasina Tools has 25 units on hand at the end of the year.

What is the dollar amount of inventory at the end of the yearaccording to the first-in, first-out method?

Select one:

A. $3,300

B. $3,150

C. $3,900

D. $5,950

9. The following amounts and costs of platters were availablefor sale by Corpus Christy Ceramics during 2016:

Beginning inventory

10 units at $41

First purchase

15 units at $55

Second purchase

30 units at $70

Third purchase

25 units at $65

Corpus Christy Ceramics has 35 platters on hand at the end ofthe year.

What is the dollar amount of inventory at the end of the yearaccording to the weighted-average cost method?

Select one:

A. $4,340

B. $9,920

C. $3,465

D. $6,200

12. Determine Sales revenue for Ozzie Company with the followingdata:

Cost of Goods Sold

$840,000

Operating Expenses

210,000

Sales Discounts

15,000

Sales Returns and Allowances

97,500

Net Income

265,000

Select one:

A. $1,192,500

B. $1,222,500

C. $1,417,500

D. $1,387,500

17. Determine Sales revenue for Ozzie Company with the followingdata:

Cost of Goods Sold

$840,000

Operating Expenses

210,000

Sales Discounts

15,000

Sales Returns and Allowances

97,500

Net Income

265,000

Select one:

A. $1,192,500

B. $1,222,500

C. $1,417,500

D. $1,387,500

18. M. Fields Company reported the following year-endamounts:

Total Sales

$33,600

Sales Discounts

600

Sales Returns

?

Cost of Goods Sold

21,000

Gross Profit

4,350

What is the company’s Sales Returns for the year?

Select one:

A. $ 7,650

B. $ 2,160

C. $10,860

D. $ 2,970

19. On September 1, the beginning inventory for Koppel Companywas 110 units at $200 each. Purchases and sales during Septemberwere:

Purchases During Sept 2016

Sales During Sept 2016

Sept 7

120 units @ $224

Sept 12

70 units

Sept 17

70 units @ $176

Sept 22

110 units

Sept 25

100 units @ $168

Sept 29

90 units

What is the cost of ending inventory for Koppel Company onSeptember 30 if the periodic LIFO costing method is used?

Select one:

A. $22,080

B. $26,480

C. $26,000

D. $28,640

24. On which financial statements would you look to find thetotal costs of merchandise that remains and the total that has beensold?

Select one:

A. Balance sheet and income statement

B. Statement of cash flows and balance sheet

C. Balance sheet and statement of cash flows

D. Statement of stockholders' equity and balance sheet

25. Which statement is true of the statement of stockholders'equity?

Select one:

A. It shows a company's stock issuances and dividends paid toshareholders.

B. It reports a company's assets, liabilities, and equities.

C. It reports a company's cash flows from operating activities,investing activities, and financing activities.

D. It reports a company's revenue and expenses for a period.

26. On September 1, the beginning inventory for Koppel Companywas 110 units at $200 each. Purchases and sales during Septemberwere:

Purchases During Sept 2016

Sales During Sept 2016

Sept 7

120 units @ $224

Sept 12

70 units

Sept 17

70 units @ $176

Sept 22

110 units

Sept 25

100 units @ $168

Sept 29

90 units

What is the cost of ending inventory for Koppel Company onSeptember 30 if the periodic LIFO costing method is used?

Select one:

A. $22,080

B. $26,480

C. $26,000

D. $28,640

27. The following hammers were available for sale during theyear for Waiculus Tools:

Beginning inventory

10 units at $80

First purchase

15 units at $100

Second purchase

30 units at $120

Third purchase

25 units at $130

Waiculus Tools has 30 hammers on hand at the end of theyear.

What is the dollar amount of cost of goods sold for the yearaccording to the first-in, first-out method?

Select one:

A. $3,150

B. $3,950

C. $5,300

D. $3,900

29. Nickster Company purchased $8,000 worth of merchandise, FOBshipping point. Transportation costs were an additional $700. Thecompany later returned $1,500 worth of merchandise and paid theinvoice within the 2% cash discount period.

The total amount paid for this merchandise is:

Select one:

A. $7,040

B. $8,526

C. $7,070

D. $7,056

30. The following amounts and costs of platters were availablefor sale by Utah Pottery during 2016:

Beginning inventory

10 units at $82

First purchase

15 units at $110

Second purchase

30 units at $140

Third purchase

25 units at $130

Utah Pottery has 35 platters on hand at the end of the year.

How much is cost of goods sold in dollars at the end of the yearaccording to the weighted-average cost method?

Select one:

A. $5,580

B. $3,465

C. $9,920

D. $3,720

31. Current assets are usually listed in the order of their:

Select one:

A. Lack of liquidity: least liquid to most liquid

B. Size: smallest to largest

C. Liquidity: most liquid to least liquid

D. Size: largest to smallest

34. Which of the following assets would not be classified as acurrent asset?

Select one:

A. Supplies

B. Equipment

C. Accounts receivable

D. Prepaid rent

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Lelia Lubowitz
Lelia LubowitzLv2
28 Sep 2019

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The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow.

Jan. 2 Issued Ck. No. 6981 for monthly rent, $775.

2 J. Hammond, the owner, invested an additional $3,500 in the business.

4 Bought merchandise on account from Valencia and Company, invoice no. A691, $2,930; terms 2/10, n/30; dated January 2.

4 Received check from Vega Appliance for $980 in payment of $1,000 invoice less discount.

4 Sold merchandise on account to L. Paul, invoice no. 6483, $850.

6 Received check from Petty, Inc., $637, in payment of $650 invoice less discount.

7 Issued Ck. No. 6982, $588, to Fischer and Son, in payment of invoice no. C1272 for $600 less discount.

Jan. 7 Bought supplies on account from Doyle Office Supply, invoice no. 1906B, $108; terms net 30 days.

7 Sold merchandise on account to Ellison and Clay, invoice no. 6484, $787.

9 Issued credit memo no. 43 to L. Paul, $54, for merchandise returned.

11 Cash sales for January 1 through January 10, $4,863.20.

11 Issued Ck. No. 6983, $2,871.40, to Valencia and Company, in payment of $2,930 invoice less discount.

14 Sold merchandise on account to Vega Appliance, invoice no. 6485, $2,050.

18 Bought merchandise on account from Costa Products, invoice no. 7281D, $4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, $147 (total $5,001).

21 Issued Ck. No. 6984, $194, to M. Miller for miscellaneous expenses not recorded previously.

21 Cash sales for January 11 through January 20, $4,591.

23 Issued Ck. No. 6985 to Forbes Freight, $96, for freight charges on merchandise purchased on January 4.

23 Received credit memo no. 163, $376, from Costa Products for merchandise returned.

29 Sold merchandise on account to Bruce Supply, invoice no. 6486, $1,835.

31 Cash sales for January 21 through January 31, $4,428. 31 Issued Ck. No. 6986, $53, to M. Miller for miscellaneous expenses not recorded previously.

31 Recorded payroll entry from the payroll register: total salaries, $6,200; employees’ federal income tax withheld, $872; FICA taxes withheld, $350.30.

31 Recorded the payroll taxes: FICA taxes, $474.30; state unemployment tax, $334.80; federal unemployment tax, $49.60.

31 Issued Ck. No. 6987, $4,977.70, for salaries for the month.

31 J. Hammond, the owner, withdrew $1,000 for personal use, Ck. No. 6988.

111 Cash 311 J. Hammond, Capital

113 Accounts Receivable 312 J. Hammond, Drawing

114 Merchandise Inventories

115 Supplies 412 Sales Returns and Allowances

116 Prepaid Insurance 413 Sales Discounts

121 Equipment 511 Purchases

212 Accounts Payable 512 Purchases Returns and Allowances

215 Salaries Payable 513 Purchases Discounts

216 Employees’ Federal Income Tax Payable 514 Freight In

217 FICA Taxes Payable 621 Salary Expense

218 State Unemployment Tax Payable 622 Payroll Tax Expense

219 Federal Unemployment Tax Payable 631 Miscellaneous Expense

Required

1. Post daily all entries involving customer accounts to the accounts receivable ledger.

2. Post daily all entries involving creditor accounts to the accounts payable ledger.

3. Post daily the general journal entries to the general ledger. Write the owner’s name in the Capital and Drawing accounts.

4. Prepare a trial balance.

5. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?

Should be easy, answer question and give ashort explanation

I give 1 star if you just guess


Using the following transactions, calculatethe net income.

1. Bill Co. paid $3,700 for one month rent
2. Bill Co. paid $2,900 for two weeks wages
3. Bill Co. performed $6,900 in consulting services onaccount
4. Bill Co billed a customer $3,200 for servicesperformed
5. Bill Co. received $6,900 in payment for item 3
6. Bill Co performed services and immediately collected$3,700
7. Bill Co. paid $670 for advertising in the local paper

$20,700
$13,430
$13,800
$6,530
$10,230


On August 1, Olivera Company soldmerchandise in the amount of $4,600 to Wyne, with credit terms of3/10, n/30. The cost of the items sold is $3,700. Olivera uses theperpetual inventory system. On August 4, Wyne returns some of themerchandise. The selling price of the merchandise is $460 and thecost of the merchandise returned is $370.The entry or entries thatOlivera must make on August 4 is:
Sales returns andallowances 370
Accounts receivable 370
Sales returns andallowances 460
Accounts receivable 460
Accounts receivable 460
Sales returns and allowances 460
Sales returns andallowances 460
Accounts receivable 460
Merchandise inventory 370
Cost of goods sold 370
Accounts receivable 460
Sales returns and allowances 460
Cost of goods sold 370
Merchandise inventory 370
For the year ended December 31, 2010, Mason Company has implementedan employee bonus program equal to 7% of Mason's net income, whichemployees will share equally. Mason's net income (pre-bonus) isexpected to be $2,500,000, and bonus expense is deducted incomputing net income. What is the amount that needs to be recordedfor estimated bonus liability for 2010?
$115,000
$40,000
$163,551
$48,697
$175,000

A parcel of land is offered for sale at $151,000, is assessed fortax purposes at $113,000, is recognized by its purchasers as beingworth $141,000, and is purchased for $138,000. The land should berecorded in the purchaser's books at:
$144,000.
$113,000.
$138,000.
$141,000.
$151,000.


A company had cash sales of $49,563, credit sales of $38,576, salesreturns and allowances of $7,118 and sales discounts of $4,393. Thecompany's net sales for this period equal:
$76,628
$99,650
$83,746
$81,021
$88,139

At the end of the day, the cashregister's record shows $1,300, but the count of cash in the cashregister is $1,120. The correct entry to record the cash sales forthe day is:
Cash 180
Sales 180
Cash 1,120
Sales 1,120
Cash 1,300
Sales 1,300
Cash 1,120
Cash over and short 180
Sales 1,300
Cash 1,300
Sales 1,120
Cash over and short 180
A machine originally had an estimated useful life of 7 years, butafter 2 complete years, it was decided that the original estimateof useful life should have been 9 years. At that point theremaining cost to be depreciated should be allocated over theremaining:
11 years
13 years
9 years
7 years
4 years

What would be the account balance in the revenue ledger accountafter the following transactions?

Performed services and lefta bill $5,000
Performed services andcollected immediately $3,900
Performed services andbilled customer $2,600
Performed services onaccounts $6,800
Received partial payment onaccount $1,900
$18,300 Credit
$16,400 Debit
$18,300 Debit
$20,200 Credit
$16,400 Credit


A company sells leaf blowers for $150each. Each unit has a 3 year warranty that covers replacement ofdefective parts. It is estimated that 6% of all leaf blowers soldwill be returned under the warranty at an average cost of $15 each.During October, the company sold 300,000 leaf blowers. 600 leafblowers were serviced under the warranty during October at a totalcost of $30,000. The balance in the Estimated Warranty Liabilityaccount on October 1 was $15,000. What is the company's warrantyexpense for the month of October?
$259,750.
$270,000.
$30,000.
$300,000.
$265,000.

American Meter Company closes its books and prepares financial statements at the end of each month. American uses the perpetual inventory system. The company completed the following transactions during August, 2017:

Aug 1 Issued check no. 682 for August rent of $1,000

2. Issued check no. 683 to pay salaries of $1,240, which includes salary payable of $930 from July 31 (ignore payroll deductions).

2. Issued invoice no. 503 for sale on account to R. T. Loeb, $600. American’s cost of this merchandise was $190.

3. Purchased inventory on credit terms of 1/15, n/60 from Grant, Inc., $1,400

4. Received net amount of cash on account from Fullam Company, $2,156, within the discount period. The invoice, dated July 26 with terms of 2/10, net 30, was in the amount of $2,200.

4. Sold inventory for cash, $330 (cost, $104)

5. Received from Park-Hee, Inc. merchandise that had been sold earlier for $550 (cost, $174)

5. Issued check no. 684 to purchase supplies for cash, $780

6. Collected interest revenue of $1,100

7. Issued invoice no. 504 for sale on account to K. D. Skipper, $2,400 (cost, $759)

8. Issued check no. 685 to pay Federal Company $2,600 of the amount owed at July 31. This payment occurred after the discount period.

11. Issued check no. 686 to pay Grant, Inc. the net amount owed from August 3

12. Received cash from R. T. Loeb in full settlement of her account receivable from August 2

16. Issued check no. 687 to pay salary expense of $1,240

19. Received half the July 31 amount receivable from K. D. Skipper—after the end of the discount period

19. Purchased inventory for cash $850, issuing check no. 688

22. Purchased furniture on credit terms of 3/15, n/60 from Beaver Corporation, $510

23. Sold inventory on account to Fullam Company, issuing invoice no. 505 for $9,966 (cost, $3,152)

25. Issued check no. 689 to pay utilities, $432

26. Purchased supplies on credit terms 2/10, n/30 from Federal Company, $180

30. Returned damaged inventory to company from whom American made the cash purchase on August 19, receiving cash of $850

30. Granted a sales allowance of $175 to K. D. Skipper

31. Purchased inventory on credit terms 1/10, n/30 from Suncrest Supply, $8,330

31. Issued check no. 690 to Lester Mednick, owner of the business, for personal withdrawal, $1,700

The chart of accounts with account balances as of July 31, 2017 are as follows:

General Ledger

101 Cash $ 8,650 401 Sales Revenue

102 Accounts Receivable 19,560 402 Sales Discounts

104 Interest Receivable 403 Sales Returns & Allowances

105 Merchandise Inventory 41,800 410 Interest Revenue

109 Supplies 2,150 501 Cost of Goods Sold

117 Prepaid Insurance 2,200 510 Salary Expense

140 Note Receivable, Long-Term 11,000 513 Rent Expense

160 Furniture 37,270 514 Depreciation Expense

161 Accumulated Depreciation 10,550 516 Insurance Expense

201 Accounts Payable 13,410 517 Utilities Expense

204 Salary Payable 930 519 Supplies Expense

207 Interest Payable 320 523 Interest Expense

220 Note Payable, Long-Term 42,000

301 Lester Mednick, Capital 55,420

302 Lester Mednick, Withdrawals

400 Income Summary

Accounts Receivable Subsidiary Ledger:

Fullam Company, $3,200

R T. Loeb, 0

Park-Hee Inc., 7,590

K.D. Skipper, 8,770

Accounts Payable Subsidiary Ledger:

Beaver Corporation $ 0

Federal Company 13,410

Grant, Inc, 0

Suncrest Supply 0

Post daily to the general ledger. Also post to the accounts receivable subsidiary ledger and the accounts payable subsidiary ledger when appropriate. On August 31 post to the general ledger.

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