Expert answer:Quiz 3

Expert answer:quiz 3 7 questions
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Quiz
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GJ – 1
Question 1 (20 points)
The following information regarding cash for Alpha Company is provided for the month ending
March 31, 2016:
Item
Ending Cash per Bank Statement
Note collected by bank included interest of $125
Bank Service Charges
Amount
$26,000
$6,125
$75
Deposits in Transit
$2,025
Outstanding Cheques
$4,550
Customer Cheque returned NSF
$375
A review of the bank statement reflected that cheque #224 recorded in the
company cheque register as $1,925 to settle an accounts payable, was paid by the bank for
the amount of $1,295. Use this information to prepare the compound General Journal
entry (without explanation) for March 31, 2016, to cause the company books to match the
adjusted cash balance based on the completed bank reconciliation. If no entry is required
then write “No Entry Required.”
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GJ – 2
Question 2 (16 points)
Alpha Company sells goods to customers who use Worldwide Express nonbank credit cards.
Credit card sales on July 15, 2016 amounted to $25,000 and were subject to a 4.5% credit card
company collection fee. Alpha Company collected payment from Worldwide Express on July
21. Use this information to prepare the General Journal entries (without explanation) for the July
15 sales & the July 21 collections. If no entry is required then write “No Entry Required.”
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GJ – 3
Question 3 (20 points)
On July 1, 2016, Alpha Company purchased for $78,000, equipment having a service life of eight
years and an estimated residual value of $6,000. Alpha has recorded depreciation of the
equipment using the double-declining balance method. On December 31, 2019, before making
any annual adjusting entries, the equipment was sold for $20,000. Use this information to prepare
all General Journal entries (without explanation) required to record the sale event for December
31, 2019
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GJ – 4
Question 4 (20 points)
On July 1, 2016, Alpha Company purchased for $72,000, equipment having a service life of eight
years and an estimated residual value of $6,000. Alpha has recorded depreciation of the
equipment using the double-declining balance method. On December 31, 2018, before making
any annual adjusting entries, the equipment was exchanged for new machinery having a fair value
of $32,500. The transaction has commercial substance. Use this information to prepare all
General Journal entries (without explanation) required to record the events for December 31, 2018.
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FIB – 1
Question 5 (12 points)
Alpha Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31,
2016, Accounts Receivable has a balance that consists of:
Dollar Value
Age of Account
Estimated
Collectible
$100,000
< 30 days old 98% 50,000 30 to 60 days old 90% 25,000 61 to 120 days old 50% 10,000 > 120 days old
10%
The current unadjusted Allowance for Uncollectable Accounts balance is a debit balance of
$1,500 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the
adjusting entry is made, what will be the dollar balances in the:
1. Accounts Receivable
2. Allowance for Doubtful Accounts
3. Bad Debt Expense
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FIB – 2
Question 6 (6 points)
Alpha Company has the following account balances information for fiscal year 2015 & 2016 (all
balances are normal):
Alpha Company
December 31
Accounts
2016
$50,500
2015
$35,500
Allowance for Doubtful Accounts
2,500
1,500
Merchandise Inventory
57,000
50,000
Office Supplies
25,000
20,000
Credit Sales
980,000
740,000
Sales Discounts
10,000
9,000
Interest Income
25,000
20,000
Cost of Goods Sold
460,000
385,000
Accounts Receivable
1. What is the FY 2016 accounts receivable turnover ratio? Enter the answer as a
number rounded to one decimal place followed by a space and the word times.
(Example 1.123 would be entered 1.1 times)
2. What is the FY 2016 days outstanding for accounts receivable ratio? Enter the
answer as a number rounded to one decimal place followed by a space and the
word days. (Example 1.123 would be entered 1.1 days)
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FIB – 3
Question 7 (6 points)
February 1, 2016, Alpha Company purchased land for the future factory location at a cost of
$50,000. The dilapidated building that was on the property was demolished so that construction
could begin on the new factory building. The new factory was completed on November 1, 2016.
Costs incurred during this period were:
Item
Amount
Demolition dilapidated building
$4,500
Architect Fees
$9,750
Legal Fees – for title search
$2,500
Interest During Active Construction Period
$17,500
Construction Costs
$510,000
Using this information, how much should be recorded as the cost of: (Enter only whole
dollar values.)
1. Land
2. New Building
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