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Category > Accounting Posted 12 Jul 2017 My Price 15.00

ACCT-101 Foundations of Financial Accounting Exam 2,

pls finish all those questions. There are basic accounting questions. Easy stuff

Just finish them on this wor

 

NAME:                                                                                

 

 

 

Multiple choices (10 points)

 

1.  When the terms of sale are FOB shipping point, who should ultimately pay the transportation charges?

a.         Supplier

b.         Seller

c.         Shipping company

d.         Buyer

 

2.  Which of the following methods uses the oldest price of inventory first when assigning a value to our inventory?

a.         FIFO

b.         LIFO

c.         Average cost

 

3.  Merchandise inventory is classified on the balance sheet as a

a.         current asset

b.         current liability

c.         it’s not on the balance sheet

d.         long-term liability

 

4.  A new account on the multi-step income statement for a merchandiser uses which of the following as an expense when selling inventory?

a.         wages expense

b.         merchandise inventory

c.         cost of goods sold

d.         copyright

 

5.  Taking advantage of a 2/10, n/30 purchases discount is equal to a yearly savings rate of approximately

a.         24%

b.         20%

c.         36%

d.         2%

 

 

 

 

 

 

Journalize the seller’s journal ENTRIES (20 points)

Hint: three journal entries are needed.

 

1.      January 1, 2016, ABC company sold merchandise on account, $12,100 with terms 2/10, n/30.  The cost of the merchandise sold was $7,000.

 

On January 7, 2016, ABC company received payment full payment less the discount.

 

Date

Account Name

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.      Star-Rising Inc.’s accounting book indicated the inventory on December 31, 2016 is $78,890. However, the physical inventory performed on the last day of the year showed $72,150. What journal entry will you do for the inventory shrinkage? Please write the journal entry below.

 

Date

Account Name

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BANK RECONCILIATION (Total 35 points)

 

ABC company has bank balance on Dec 31, 2016 is $37,140, and the book balance at the year-end is $32,500. The other information are as followings:

 

  1. Checks outstanding totaled $3,620.00

 
  1. A deposit of $4,496.00 had been made too late to appear on the bank statement.
  2. A check written by AJK Co. (cashed) for $1,233 had been incorrectly recorded by the company as $233.
  3. The bank collected $4,541.00 on a note left for collection.  (No interest was included in payment by the customer.)
  4. Bank service charges for December is $25.
  1.  
 

 

Q1: Please work on bank reconciliation for the year end of 2016 below (22 points):

 

 

 

ABC Company

Bank Reconciliation

December 31, 2016

 

 

Cash balance 12/31/16 per book:      $32,500

Cash balance 12/31/16 per bank:       $37,140

 

 

Add:

Add:

 

 

 

 

 

 

 

 

 

 

Subtract:

Subtract

 

 

 

 

 

 

 

 

 

 

 Adjusted cash balance per book:

 Adjusted cash balance per bank:
     

 

 

 

 

 

Q2: Adjusted journal entries to ABC Company’s accounting book (10 points)

 

Ref No.

Account Name

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3: What is your cash balance reported to the financial statement? (3 points)

 

 

 

 

PROBLEM

 

1.  Roo Inc. maintains a perpetual inventory system.  Calculate the cost of merchandise sold for the month AND the value of the ending inventory using the LIFO and FIFO (20 points, you need to give the calculation procedure. Filling the blank is 2 points each, the procedure count the rest points)

 

3-Mar

Inventory

12 t-shirts

$15

11-Mar

Purchase

13 t-shirts

$17

14-Mar

Sale

18 t-shirts

 

21-Mar

Purchase

9 t-shirts

$20

26-Mar

Sale

10 t-shirts

 

 

Last in First out (LIFO)                                                                               First in First Out (FIFO)

 

                        Cost of merchandise sold                                                       Cost of merchandise sold

 

 

 

 

 

 

                        Value of ending inventory                                                      Value of ending inventory

 


 

SHORT ANSWERS (15 points)

 

1.  What two things do Transportation Terms tell us?

 

           

 

 

 

 

 

 

2.  What are five elements of internal control and provide example for each of them.

 

 

 

 

 

 

 

 

 

 

3.  What is the overall purpose to the Sarbanes-Oxley Act of 2002?

 

 

 

 

 

 

 

 

 

 

 

 

Answers

QuickHelper
(10)
Status NEW Posted 12 Jul 2017 08:07 AM My Price 15.00

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