Account Homework (Serious Inquiries Only)

This assignment is due in 24 hours, must guarantee an A or money back, and know Accounting very well. Serious Inquiries only, Due in 24 hours.

Sheet1

2.

.

. Prepare journal entries to record the following transactions for the current fiscal year:

(a)

(b)

(a)

(b)

(a)

(b)

(c)

(d)

(a)

(b)

(c)

400,000 400,000

250,000

1,200,000

160,000

(25,000)

25,000

purchased

Materials

(a) (a) (d)
(b)
(c)
(f)

(b)

(a) (c) (d) (e)
(b) (f) (f)
(e)

(f)

ACCT 201 FINAL EXAM–PROBLEMS

Instructions:

Complete the following problems using Excel (preferred), Word, or hand write the solutions

and scan them. Drop the file into the digital dropbox in the Final Exam section in Moodle.

1.

Prepare journal entries to record the following:

(a)

Issued 1,000 shares of $10 par common stock at $59 for cash.

(b)

Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $60,000.

(c)

Purchased 100 shares of treasury stock at $3

2.

(d)

Sold 100 shares of treasury stock at $42.

Prepare journal entries for the following selected transactions completed during the current fiscal year:

Jan. 3

The board of directors reduced the par of common shares from $100 to $20. This action increased

the number of outstanding shares to

400,000

Jan. 22

Declared a dividend of $1.50 per share on the outstanding shares of common stock.

Feb. 8

Paid the dividend declared on January 22.

Sep. 1

Declared a 5% stock dividend on the common stock outstanding (the fair market value of the stock

to be issued is $30).

Oct. 1

Issued the certificates for the common stock dividend declared on September 1.

3.

On the first day of the current fiscal year, $2,000,000 of 10-year, 7% bonds, with interest payable annually, were

sold for $2,1 Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper

25,000

Issuance of the bonds.

First annual interest payment.

4.

Prepare the journal entry to issue $100,000 bonds which sold for $94,000.

Prepare the journal entry to issue $100,000 bonds which sold for $104,000.

5.

Prepare journal entries to record the following selected transactions of Masterson Co.

Purchased 600 shares of the 100,000 shares outstanding $10 par common shares of Dankin

Corporation for $5,100.

Purchased 3,500 shares of the 10,000 shares no par common shares of Ramon Co. for $45,700.

The investment was accounted for by the equity method.

Received a cash dividend of $1 per share on the Dankin Corporation stock acquired in (a).

Received a cash dividend of $2 per share on the Ramon Co. stock acquired in (b).

(e)

Sold 100 shares of the Dankin Corporation shares acquired in (a) for $2,100.

(f)

Recorded the appropriate share of Ramon Company’s net income of $50,000.

The stock was acquired in (b).

6.

Prepare journal entries to record the following selected transactions:

Purchased $100,000 of Kruse Co. 8% bonds at 102 plus accrued interest of $2,000.

Received first semiannual interest payment.

Sold the bonds at 97 plus accrued interest of $1,500. The bonds were carried at $101,500 at the

time of the sale.

7.

Sales reported on the income statement were $340,000. The accounts receivable balance declined

$17,000 over the year. Determine the amount of cash received from customers.

8.

Lamar Corporation purchased land for $150,000. Later in the year the company sold land with a book value of

$190,000 for $200,000. Show how the effects of these transactions are reported on the statement of cash flows.

9.

From the following data, determine for the current year the (a) return on assets, (b) return on common

stockholders’ equity, (c) earnings per share (d) price-earnings ratio. Assume that the current market price

per share of common stock is $25.

Current Year

Preceding Year

Current assets

$ 745,000

$ 820,000

Property, plant, and equipment

1,510,000

1,400,000

Current liabilities

(non-interest-bearing)

160,000

140,000

Long-term liabilities, 12%

Preferred 10% stock

250,000

Common stock, $25 par

1,200,000

Retained earnings:

Beginning of year

240,000

Net income for year

95,000

155,000

Preferred dividends declared

(25,000)

Common dividends declared

(70,000)

(60,000)

10.

The Zoe Corporation has the following information for the month March. Determine the (a) cost of goods

manufactured, and (b) cost of goods sold.

Cost of materials placed in production

$ 69,000

Direct labor

27,000

Factory overhead

34,000

Work in process, March 1

15,000

Work in process, March 31

19,500

Finished goods inventory, March 1

Finished goods inventory, March 31

23,000

11.

Put the following, a through h, in the order of the flow of manufacturing costs for a company.

a. Closing under/over applied factory overhead to cost of goods sold

b.

Materials

c. Factory labor used and factory overhead incurred in production

d. Completed jobs moved to finished goods

e. Factory overhead applied to jobs according to the predetermined overhead rate

f. Materials requisitioned to jobs

g. Selling of finished product

h. Preparation of financial statements to determine gross profit

12.

Six selected transactions for the current month are indicated by letters in the following T accounts in a job

order cost accounting system. Describe each of the six transactions:

Work in Process

Wages Payable

Factory Overhead

Finished Goods

Cost of Goods Sold

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