Expert answer:Accounts college level A+ is a must
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GRADED PROJECT
Directions: Be sure to make an electronic copy of your answer before submitting
it to Ashworth College for grading. Unless otherwise stated, answer in complete
sentences, and be sure to use correct English spelling and grammar. Sources
must be cited in APA format. Your response should be a minimum of one
(1) single-spaced page to a maximum of two (2) pages in length; refer to the
“Assignment Format” page for specific format requirements.
Part A
(30 points)
Prepare general journal entries to record the following transactions for the Harris
Company. (The company uses the balance sheet approach for recording bad
debts expense.)
2010
Dec. 31
Recorded Bad Debts Expense, $800
2011
Jan. 3
Wrote off Jal’s account as uncollectible, $60
Mar. 4
Wrote off Hall’s account as uncollectible, $75
Jul. 5
Recovered $45 from Hall
Aug. 19
Wrote off M. Wilson’s account as uncollectible, $100
Nov. 7
Recovered $25 from Jal
Part B
(10 points each for a possible total of 40 points)
For each of the following, identify in Column 1 the category to which the account
belongs, in Column 2 the normal balance for the account, in Column 3 the
financial statement that the account in which the account balance is reported,
and in Column 4 the account’s nature (temporary/permanent).
PRINCIPLES OF ACCOUNTING 1
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(1)
Column 1
Column 2
Column 3
Column 4
Column 1
Column 2
Column 3
Column 4
Column 1
Column 2
Column 3
Column 4
Column 1
Column 2
Column 3
Column 4
Interest payable
(2)
Interest receivable
(3)
Discount on notes
payable
(4)
Store equipment
Part C
(15 points each for a possible total of 30 points)
A computer server system, which had cost $210,000 and had accumulated
depreciation of $147,000, was traded for a new system with a fair market value
of $235,000. The old system and cash of $180,000 were given for the new system.
Prepare the journal entry for the exchange of these similar assets.
Prepare journal entries for the following for Bartz, Inc.
110
May 11
Replaced the engine in a Van #1, paying cash of $5,400
May 18
Paid cash for a tune-up of the engine in Van #2 of $570
May 29
Paid cash to add a lift to Van #2 of $3,700
PRINCIPLES OF ACCOUNTING 1
PROJECT UPLOAD
Once you’ve completed this assignment, login to the student portal at
https://students.ashworthcollege.edu. To log in, you’ll need the username and
password that you received via email. From the Student Portal page, enter your
username and password (Figure 1). Then click Login.
Figure 1
The Home or Dashboard page of the Student Portal displays. To access your
courses, click Courses in the upper right-hand banner (Figure 2).
Figure 2
PRINCIPLES OF ACCOUNTING 1
111
Click on Lessons to access your My Courses page and navigate to the final
segment of your program using the My Sites button on the top right of the My
Courses page (Figure 3).
Figure 3
Click on Assignments under Quick Links on the left-hand navigation menu
(Figure 4).
Figure 4
112
PRINCIPLES OF ACCOUNTING 1
Click on the link for your graded project under Assignment title in the center of
your screen (Figure 5).
Figure 5
Click on the Browse button at the bottom of the page to locate and attach your
finished project. When you have attached your file, check the Honor Pledge box
to confirm that you’re submitting your own work for the assignment. Then click
Submit (Figure 6).
Figure 6
PRINCIPLES OF ACCOUNTING 1
113
You’ll see a confirmation message that tells you your project has been
successfully submitted to the school (Figure 7).
Figure 7
114
PRINCIPLES OF ACCOUNTING 1
GRADED PROJECT
Directions: Be sure to make an electronic copy of your answer before submitting
it to Ashworth College for grading. Unless otherwise stated, answer in complete
sentences, and be sure to use correct English spelling and grammar. Sources
must be cited in APA format. Your response should be a minimum of one
(1) single-spaced page to a maximum of two (2) pages in length; refer to the
“Assignment Format” page for specific format requirements.
Assignment Details: This assignment will include the three-part graded project
described below and 30 multiple choice exam questions covering this lesson,
Corporations and Bonds Payable and the next lesson Investments and Cash Flow.
The combined project and exam portions of this Assignment total 100 points.
You should complete your work for this project at this time and submit it with the
exam questions (available at the Assignments tool) after your next lesson.
Part A
(5 points each for a possible total of 10 points)
1. After several years of business, Abel, Barney, and Cole are liquidating. The
following are post-closing account balances.
Cash 18,000
Inventory
73,000
Other assets
157,000
Accounts Payable 61,000
Abel, Capital 50,000
Barney, Capital
50,000
Cole, Capital
87,000
Noncash assets are sold for $275,000. Profits and losses are shared
equally.
After all liabilities are paid, divide the remaining cash amongst the
partners.
PRINCIPLES OF ACCOUNTING 2
75
2. The partnership of Brandon and Ryan is being liquidated. All gains and
losses are shared in a 3:1 ratio, respectively. Before liquidation, their
balance sheet balances are as follows:
Cash
Other Assets
Liabilities
Brandon, Capital
Ryan, Capital
$10,000
8,000
4,000
7,000
7,000
a. If the Other Assets are sold for $10,000, how much will each partner
receive before paying liabilities and distributing the remaining
assets?
b. If the Other Assets are sold for $8,000, how much will each partner
receive before paying liabilities and distributing remaining assets?
Part B
(10 points each for a possible total of 20 points)
1. Simon Brothers pays $47,000 into a bond sinking fund each year to
redeem the future maturity of its bonds. During the first year, the fund
earned $3,825. At the time of bond redemption, the fund has a balance
of $417,000. Of this, $400,000 was used to redeem the bonds. Journalize
the following entries.
a.
Initial deposit
b.
The first year’s interest
c.
The redemption of the bonds
2. On January 1, Auctions Online issued $300,000, 9%, 10-year bonds to
lenders at the contract rate. Interest is to be paid semiannually on July 1
and January 1. Journalize the following entries.
76
a.
Issued the bonds
b.
Paid first semiannual interest payment
c.
Retired the bonds at maturity
PRINCIPLES OF ACCOUNTING 2
Part C
(10 points each for a possible total of 20 points)
1. Prepare a statement of retained earnings in proper form for White
Corporation for the year ended December 31, 2012, from the following:
Retained Earnings, January 1, 2012
$2,000
Dividends paid during the year
800
Net income for the year
3,000
Correction of prior year error. Purchase
of land recorded as rent expense
1,000
2. Curtis Corporation’s balance sheet included the following:
Common Stock, $5 par value, 5,000 shares issued
and outstanding
$25,000
Retained Earnings
Total Stockholders’ Equity
20,000
$45,000
Prepare journal entries for the following transactions.
May
3
Issued 500 shares at $6 per share
9
Reacquired 100 shares at $4 per share
15
Reissued 50 of the Treasury shares at $7 per share
17
Reissued 10 of the Treasury shares at $3 per share
PRINCIPLES OF ACCOUNTING 2
77
GRADED PROJECT
Directions: Be sure to make an electronic copy of your answer before submitting
it to Ashworth College for grading. Unless otherwise stated, answer in complete
sentences, and be sure to use correct English spelling and grammar. Sources
must be cited in APA format. Your response should be a minimum of one
(1) single-spaced page to a maximum of two (2) pages in length; refer to the
“Assignment Format” page for specific format requirements.
Assignment Details: This assignment will include the four-part graded project
described below and 20 multiple choice exam questions covering this lesson,
Manufacturing Accounting. The combined project and exam portions of this
Assignment total 100 points.
You should complete your work for this project at this time and submit it with the
exam questions (available at the Assignments tool).
Part A
(2 points each for a possible total of 6 points)
The following information is given for Tripp Company, which uses the indirect
method.
Net income
Depreciation expense
Increase in accounts receivable
Payment of dividends
Proceeds from sale of equipment
Increase in accounts payable
Decrease in inventory
$20,000
3,000
2,000
2,000
6,000
4,000
3,000
From the information provided, answer the following questions:
1. The cash flow from operating activities is ________.
2. The cash flow from investing activities is ________.
3. The cash flow from financing activities is ________.
PRINCIPLES OF ACCOUNTING 2
135
Part B
(2 points each for a possible total of 10 points)
Selected data for Stick’s Design are given as of December 31, Year 1 and Year 2
(rounded to the nearest hundredth).
Year 2 Year 1
Net Credit Sales
Cost of Goods Sold
Net Income
Cash
Accounts Receivable
Inventory
Current Liabilities
$25,000
16,000
2,000
5,000
3,000
2,000
6,000
$30,000
18,000
2,800
900
2,000
3,600
5,000
Compute the following:
1. Current ratio for Year 2
2. Acid-test ratio for Year 2
3. Accounts receivable turnover for Year 2
4. Average collection period for Year 2
5. Inventory turnover for Year 2
Part C
(10 points)
Prepare an income statement showing departmental contribution margin based
on the following:
Dept. X Dept. Y Rent Expense
Space (square feet)
Net Sales
Cost of Goods Sold
136
17,500
$60,000
35,000
$40,000
18,000
16,000
Rent Expense (allocated based on square feet)
$2,700
PRINCIPLES OF ACCOUNTING 2
Part D
(4 points each for a possible total of 24 points)
From the following transactions, prepare the appropriate general journal entries
for the month of April.
1. Raw materials costing $60,000 were issued from the storeroom.
2. Direct labor of $53,000 was charged to production.
3. Indirect labor costs of $17,000 were incurred.
4. Overhead was applied at the rate of 40% of direct labor dollars.
5. Completed products costing $42,000 were transferred to finished goods.
6. Products costing $32,000 were sold.
PROJECT UPLOAD
Once you’ve completed this assignment, login to the student portal at https://
students.ashworthcollege.edu. To log in, you’ll need the username and
password that you received via email. From the Student Portal page, enter your
username and password (Figure 1). Then click Login.
Figure 1
PRINCIPLES OF ACCOUNTING 2
137
GRADED PROJECT
Directions: Be sure to make an electronic copy of your answer before submitting
it to Ashworth College for grading. Unless otherwise stated, answer in complete
sentences, and be sure to use correct English spelling and grammar. Sources
must be cited in APA format. Your response should be a minimum of one
(1) single-spaced page to a maximum of two (2) pages in length; refer to the
“Assignment Format” page for specific format requirements.
Part A
(40 points)
Use the following information to complete the partial worksheet for Bill’s
Company. Record the appropriate adjusting entries using the data below and
extend the balances over to the adjusted trial balance columns.
Merchandise inventory—ending
$10
Store supplies on hand
3
Depreciation on store equipment
2
Accrued salaries
1
Bill’s Company
Partial Worksheet
For the Year Ended December 31st, 2012
Account Titles
Trial Balance
Debit
Merchandise Inv.
16
Store Supplies
10
Store Equipment
20
Accum. Depr. Store
Equip.
Credit
Adjustments
Debit
Credit
Adjusted
Trial Balance
Debit
Credit
6
Salaries Payable
Income Summary
Salary Expense
10
Depreciation Expense
Store Supplies Exp.
PRINCIPLES OF ACCOUNTING 1
49
Part B
(15 points each for a possible total of 60 points)
The Bixby Co. had the following transactions involving the purchase of
merchandise. Prepare the necessary general journal entries. Any applicable
freight costs are prepaid by the seller. The perpetual inventory method is in use.
June 16
Purchased merchandise having a price of $6,000 from the
Shelby Manufacturing Co. on account with credit terms 10, n/30.
Transportation terms F.O.B destination.
June 16
Purchased merchandise having a price of $9,000 from the
Ajax Supply House on account with credit terms 2/10, n/30.
Transportation terms F.O.B shipping point. The freight costs were
$175.
June 17
Received the goods from Shelby.
June 17
Received the goods from Ajax.
June 20
Returned for credit merchandise with an invoice price of $800 to
Ajax.
June 25
Paid Shelby the amount owed.
June 28
Paid Ajax the amount owed.
June 30
Returned for cash, merchandise with an invoice price of $400 to
Shelby.
Prepare the necessary general journal entry for June 16, Purchased merchandise
having a price of $6,000 from the Shelby Manufacturing Co. on account with
credit terms 2/10, n/30. Transportation terms F.O.B destination.
_____________________________________
__________
__________
_____________________________________
__________
__________
_____________________________________
__________
__________
Prepare the necessary general journal entry for June 17, Received the goods from
Shelby.
50
_____________________________________
__________
__________
_____________________________________
__________
__________
_____________________________________
__________
__________
PRINCIPLES OF ACCOUNTING 1
Prepare the necessary general journal entry for June 25.
_____________________________________
__________
__________
_____________________________________
__________
__________
_____________________________________
__________
__________
Prepare the necessary general journal entry for June 28.
_____________________________________
__________
__________
_____________________________________
__________
__________
_____________________________________
__________
__________
PROJECT UPLOAD
Once you’ve completed this assignment, login to the student portal at
https://students.ashworthcollege.edu. To log in, you’ll need the username and
password that you received via email. From the Student Portal page, enter your
username and password (Figure 1). Then click Login.
Figure 1
PRINCIPLES OF ACCOUNTING 1
51
The Home or Dashboard page of the Student Portal displays. To access your
courses, click Courses in the upper right-hand banner (Figure 2).
Figure 2
Click on Lessons to access your My Courses page and navigate to the final
segment of your program using the My Sites button on the top right of the My
Courses page (Figure 3).
Figure 3
52
PRINCIPLES OF ACCOUNTING 1
Click on Assignments under Quick Links on the left-hand navigation menu
(Figure 4).
Figure 4
Click on the link for your graded project under Assignment title in the center of
your screen (Figure 5).
Figure 5
PRINCIPLES OF ACCOUNTING 1
53
Click on the Browse button at the bottom of the page to locate and attach your
finished project. When you have attached your file, check the Honor Pledge box
to confirm that you’re submitting your own work for the assignment. Then click
Submit (Figure 6).
Figure 6
You’ll see a confirmation message that tells you your project has been
successfully submitted to the school (Figure 7).
Figure 7
54
PRINCIPLES OF ACCOUNTING 1
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