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

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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