i need help for accounting

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A. B. C. D. E. F. Complete assignments using some type of computer software program, e.g., Microsoft Word, Excel. You will NOT receive ANY CREDIT FOR LATE HOMEWORK. When completing your homework assignments DO NOT use abbreviations. As discussed during class, you can work on these homework assignments in groups or as an individual. For ANY problem involving a calculation, CLEARLY SHOW HOW you performed the calculation. For ANY problem involving an entry, CLEARLY identify EACH account that you debited and EACH account that you credited as either a(an): 1) Asset (includes contra-assets) You can abbreviate with an A 2) Liability (includes contra-liabilities) You can abbreviate with an L 3) Equity (includes contra-equities) You can abbreviate with an EQ 4) Revenue (includes contra-revenues AND gains) You can abbreviate with an R 5) Expense (includes losses) You can abbreviate with an EX For example, if you make the following entry: Cash $100 Place an “A” to the left of “Cash” Sales revenue $100 Place an “R” to the left of “Sales Revenue” Thus, your final answer would look like this: A Cash $100 R Sales revenue $100 UNACCEPTABLE ENTRY FORMATS. Format your entries like the example above. DO NOT give me entries that look like the following: A Cash $100 R Sales revenue $100 or A Cash $100 R Sales revenue $100 or A Cash $100 R Sales revenue $100 or A Cash $100 R Sales revenue $100 22. (3 points) Lucy factored $500,000 of accounts receivable with Ethel on a without recourse basis on May 1. Ethel assessed a finance charge of 2.5% of the total ARs factored. Ethel retained an amount equal to 3% of the total ARs factored to cover sales returns. During May and June, customers returned merchandise to Lucy on $13,000 of credit sales. All of these returns related to receivables from the $500,000 pool of ARs sold. After taking the returns into consideration, Ethel collected $482,000 of the factored ARs. On June 30, Lucy and Ethel “settled up” meaning Lucy and Ethel paid each other any cash that was due the other. (a) Prepare the entry Lucy should make on May 1. (b) Prepare the entry Lucy should make on June 30. 23. (5 points) Lucy factored $1,000,000 of accounts receivable with Ethel on a with recourse basis on May 1. (Assume the transaction meets the criteria to be classified as a sale.) Ethel assessed a finance charge of $22,500. Ethel retained $50,000 of the total ARs factored to cover sales returns. Lucy estimated her recourse liability to be $40,000. During May and June, customers returned merchandise to Lucy on $44,000 of credit sales. All of the returns related to receivables from the $1,000,000 pool of ARs sold. After taking the returns into consideration, Ethel collected $925,000 of the factored receivables. On June 30, Lucy and Ethel “settled up” meaning Lucy and Ethel paid each other any cash that was due to the other. (a) Prepare the entry Lucy should make on May 1. (b) Prepare the entry Lucy should make on June 30. 24. (4 points) On December 31, 2014, J sold some inventory to T. T was short of cash and J agreed to accept a $250,000, zerointerest bearing note receivable. J will collect the note principle in full on December 31, 2017. Under normal circumstances, J earns 3% on its funds. The cost of the inventory sold was $90,000. Prepare the entries J should make on 12-31-14, 12-31-15, 1231-16, and 12-31-17. 25. (4 points) On December 31, 2012, M sold some inventory to T in exchange for a $750,000, 4% note receivable. M will collect the note principal in full on December 31, 2014. Interest will be collected every December 31 starting December 31, 2013. The 1 market rate of interest at the time of the sale was 2%. The cost of the inventory sold was $260,000. Prepare the entries M should make on 12-31-12, 12-31-13, and 12-31-14. 26. • • • • • • • • • • • • • • • (15 points) The following pertain to the cost of H’s only inventory item: Inventory on hand, January 1 0 units Purchases, January 2 70 units @ $15 per unit Purchases, January 8 55 units @ $16 per unit Purchases, January 12 95 units @ $17 per unit Purchases, January 16 32 units @ $17 per unit Purchases, January 20 48 units @ $18 per unit Purchases, January 23 50 units @ $19 per unit Purchases, January 26 15 units @ $20 per unit 365 Sales, January 5 35 units @ $30 per unit Sales, January 11 40 units @ $30 per unit Sales, January 13 42 units @ $30 per unit Sales, January 17 50 units @ $30 per unit Sales, January 22 50 units @ $30 per unit Sales, January 25 10 units @ $30 per unit Sales, January 27 25 units @ $30 per unit 252 (252 x $30 = $7,560) Calculate COGS AND GP for January AND EI as of 01-31 under the following assumptions: ➢ H uses perpetual LIFO EI: COGS: Gross profit: ➢ H uses periodic LIFO EI: COGS: Gross profit: ➢ H uses periodic FIFO EI: COGS: Gross profit: ➢ H uses a weighted average method and rounds the unit cost to the nearest penny. EI: COGS: Gross profit: ➢ H uses a moving-average method and rounds the unit cost to the nearest penny. EI: COGS: Gross profit: 27. • • • • • • • (6 points) The following pertain to the cost of H’s only inventory item: Inventory on hand, January 1 200 units @ $37 per unit Purchases, January 8 900 units @ $88 per unit Purchases, January 12 750 units @ $90 per unit Purchases, January 20 300 units @ $91 per unit Purchases, January 26 600 units @ $95 per unit 2,750 Sales, January 5 50 units @ $200 per unit Sales, January 11 800 units @ $200 per unit 2 • • • • Sales, January 13 Sales, January 17 Sales, January 22 Sales, January 30 600 units @ $200 per unit 100 units @ $200 per unit 250 units @ $200 per unit 625 units @ $200 per unit 2,425 (2,425 x $200 = $485,000) Calculate COGS AND GP for January AND EI as of 01-31 under the following assumptions: ➢ H uses perpetual LIFO EI: COGS: Gross profit: ➢ H uses periodic LIFO EI: COGS: Gross profit: 28. (9 points) Irene uses a calendar-year accounting period and a periodic inventory system. Assume Irene had the following independent situations: • Situation 1. Goods shipped to Irene by a vendor f.o.b. shipping point on 12-28-11 were in transit at 12-31-11. The goods cost $5,000. On 12-29-11, Irene recorded a credit purchase of $5,000. • Situation 2. Goods shipped to Irene by a vendor f.o.b. destination point on 12-28-11 were in transit at 12-31-11. The goods cost $7,000. On 01-04-12, the day the goods arrived, Irene recorded a credit purchase of $7,000. • Situation 3. Goods shipped to Irene by a vendor f.o.b. shipping point on 12-29-11 were in transit at 12-31-11. The goods cost $9,000. On 01-03-12, the day the goods arrived, Irene recorded a credit purchase of $9,000. • Situation 4. Goods shipped to Irene by a vendor f.o.b. destination point on 12-24-11 were in transit at 12-31-11. The goods cost $4,000. On 12-26-11, Irene recorded a credit purchase of $4,000. • Situation 5. Goods shipped by Irene to a customer f.o.b. destination on 12-30-11 were in transit at 12-31-11. The goods cost $8,000. On 12-30-11, Irene billed the customer and recorded a credit sale of $20,000. • Situation 6. Goods shipped by Irene to a customer f.o.b. shipping point on 12-29-11 were in transit at 12-31-11. The goods cost $20,000. On 12-29-11, Irene billed the customer and recorded a credit sale of $45,000. The customer received the goods on 01-04-12. • Situation 7. Goods shipped by Irene to a customer f.o.b. shipping point on 12-29-11 were in transit at 12-31-11. The goods cost $12,000. On 01-15-12, Irene billed the customer and recorded a credit sale of $22,000. The customer received the goods on 01-15-12. • Situation 8. On 12-31-11, Irene was in possession of $25,000 of goods that she was holding on a consignment basis. Irene received these goods on 12-29-11. Upon receipt of these goods, Irene did not record any type of journal entry. • Situation 9. On 12-31-11, Irene had $6,000 of goods out on consignment with the Pederson Company. Irene shipped these goods to Pederson on 12-29-11. Upon shipment of these goods to Pederson, Irene recorded a $15,000 credit sale. Assume Irene values the inventory reported on its balance sheet and the amount recorded as cost of goods sold on its income statement on the basis of its physical inventory count that Irene performed on 12-31-11. Irene counts whatever is on its premises. Individually discuss the effect (in dollars and direction, e.g., overstate, understate, no effect) that each of the above items has on: ➢ Irene’s sales revenue for the year ended 12-31-11 ➢ Irene’s cost of goods sold for the year ended 12-31-11 ➢ Irene’s accounts receivable as of 12-31-11 ➢ Irene’s inventory as of 12-31-11 ➢ Irene’s accounts payable as of 12-31-11 ➢ Irene’s stockholders’ equity as of 12-31-11 Situation # 1 2 3 4 5 6 I’s sales for year ended 12-31-11 I’s COGS for year ended 12-31-11 I’s AR as of 12-31-11 3 I’s inventory as of 12-31-11 I’s AP as of 12-31-11 I’s SE as of 12-31-11 7 8 9 Remember, each box above should have BOTH an effect AND a $ amount. 29. (6 points) Diane makes one product. Diana adopted the dollar-value LIFO inventory method on 12-31-12. Her ending inventory at 12-31-12 was $26,000. Additional inventory data follows: Inventory at Price index Cost of goods manufactured Year year-end prices (base year 2012) during the year 2013 $28,420 1.015 $150,000 2014 $28,764 1.020 $160,000 2015 $28,773 1.035 $165,000 2016 $29,120 1.040 $170,000 2017 $29,925 1.050 $175,000 2018 $30,173 1.055 $185,000 Compute the inventory at December 31, 2013, 2014, 2015, 2016, 2017 and 2018 AND the cost of goods sold for each year assuming Diane uses the dollar-value LIFO method for each year. 30. (3 points) Hartley’s accounting records included the following information: Inventory, 01-01-13 $96,250 Purchases during 2013 (excluding shipping) $1,450,180 Purchase returns during 2013 $57,500 Freight-in on 2013 purchases $33,075 Sales during 2013 $2,467,500 Hartley completed a physical inventory on 12-31-13 and calculated an ending inventory of $106,000, at cost. In recent years, Hartley's gross profit equaled 75% of Hartley’s cost. Hartley suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items. 31. (3 points) Gage’s accounting records included the following information: Inventory, 01-01-15 $51,000 Purchases during 2015 $705,000 Sales during 2015 $1,662,000 Sales returns during 2015 $66,480 Gage completed a physical inventory on 12-31-15 and calculated an ending inventory of $80,000, at retail selling price. In recent years, Gage's gross profit equaled 55% of Gage’s selling price. Gage suspects some inventory may have been shoplifted. Prepare the entry, if necessary, to reflect the estimated loss from any shoplifted items. 32. (2 points) As of 12-31-15, Zena Company has four different inventory items on hand. Data on the four items follows: Item Quantity on hand Unit cost Expected selling price Estimated disposal costs C3Z22P3 450 $30.75 $40 $3 PQ27845 15 $ 9.50 $10 $2 ZT15577 235 $17.00 $29 $0 SF98888 45 $43.00 $50 $9 Using the lower-of-cost-or-net realizable value approach applied on an individual-item basis, determine if Zena needs to make an entry to write her inventory down. If so, prepare the entry Zena should make 33. (2 points) As of 12-31-15, Acme Company has three different inventory items on hand. Data on the three items follows: Item Quantity Unit cost Replacement Normal Expected Estimated on hand (Acme uses LIFO) cost profit selling price disposal costs A 57 $450 $625 $800 $1,500 $100 B 42 $200 $300 $230 $400 $25 C 15 $780 $800 $300 $1,000 $250 Using the lower-of-cost-or-market approach applied on an individual-item basis, determine if Acme needs to make an entry to write her inventory down. If so, prepare the entry Acme should make 4
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