{"id":52945,"date":"2022-04-16T05:31:57","date_gmt":"2022-04-16T05:31:57","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/complete-exercise-questions-accounting-homework-help\/"},"modified":"2022-04-16T05:31:57","modified_gmt":"2022-04-16T05:31:57","slug":"complete-exercise-questions-accounting-homework-help","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/complete-exercise-questions-accounting-homework-help\/","title":{"rendered":"Complete exercise questions. | Accounting homework help"},"content":{"rendered":"
\n
Directions: Answer the following questions on a separate\u00a0<\/span>Microsoft Word or Excel\u00a0<\/span>document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link\u00a0<\/span>in Blackboard<\/span>.<\/span><\/div>\n

\u00a0<\/span><\/p>\n

Exercises<\/span><\/p>\n

\u00a0<\/span><\/p>\n

E<\/span>4<\/span>–<\/span>7<\/span>.<\/span>\u00a0<\/span>Kay Magill Company had the following adjusted trial balance.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

\"\"\/<\/p>\n

\u00a0<\/span><\/p>\n

Instructions<\/span><\/p>\n

a)\u00a0<\/span>Prepare closing entries at June 30, 2015.<\/span><\/span><\/p>\n

b)\u00a0<\/span>Prepare a post-closing trial balance.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

E<\/span>4<\/span>–<\/span>13<\/span>.<\/span>\u00a0<\/span>Keenan Company has an inexperienced accountant. During the \ufb01rst 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.<\/span><\/span><\/p>\n

1.\u00a0<\/span>A payment on account of $840 to a creditor was debited to Accounts Payable $480 and credited to Cash $480.<\/span><\/span><\/p>\n

2.\u00a0<\/span>The purchase of supplies on account for $560 was debited to Equipment $56 and credited to Accounts Payable $56.<\/span><\/span><\/p>\n

3.\u00a0<\/span>A $500 cash dividend was debited to Salaries and Wages Expense $500 and credited to Cash $500.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Instructions<\/span><\/p>\n

Prepare the correcting entries.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

E<\/span>5-4<\/span>.<\/span>\u00a0<\/span>On June 10,\u00a0<\/span>Tuzun<\/span>\u00a0Company purchased $8,000 of merchandise from Epps Company, FOB shipping point, terms\u00a02\/10,\u00a0<\/span>n<\/span>\/30.\u00a0<\/span>Tuzun<\/span>\u00a0pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19,\u00a0<\/span>Tuzun<\/span>\u00a0pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Instructions<\/span><\/p>\n

a)\u00a0<\/span>Prepare separate entries for each transaction on the books of\u00a0<\/span>Tuzun<\/span>\u00a0Company.<\/span><\/span><\/p>\n

b)\u00a0<\/span>Prepare separate entries for each transaction for Epps Company. The merchandise purchased by\u00a0<\/span>Tuzun<\/span>\u00a0on June 10 had cost Epps $4,800.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

E<\/span>5<\/span>-7.<\/span>\u00a0<\/span>Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $60,000, Inventory $15,000, Operating\u00a0<\/span>Expenses $29,000, Sales Revenue $115,000, Sales Discounts\u00a0<\/span>$<\/span>1,200,<\/span>\u00a0and Sales Returns and Allowances $1,700. A physical count of inventory determines that\u00a0<\/span>m<\/span>erchandise inventory on hand is $13,900.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Instructions<\/span><\/p>\n

a)\u00a0<\/span>Prepare the adjusting entry necessary as a result of the physical count.<\/span><\/span><\/p>\n

b)\u00a0<\/span>Prepare closing entries.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

E<\/span>6-<\/span>1<\/span>.<\/span>\u00a0<\/span>Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef\u2019s accountant may be desirable. One area of particular concern is the inventory account, which has a year-end balance of $297,000. Discussions with the accountant reveal the following.<\/span><\/span><\/p>\n

1.\u00a0<\/span>Josef sold goods costing $38,000 to\u00a0<\/span>Sorci<\/span>\u00a0Company, FOB shipping point,\u00a0on December 28.\u00a0The goods are not expected to arrive at\u00a0<\/span>Sorci<\/span>\u00a0until January 12.\u00a0The goods were not included in the physical inventory because they were not in the warehouse.<\/span><\/span><\/div>\n
2.\u00a0<\/span>The physical count of the inventory did not include goods costing $95,000 that were shipped to Josef FOB destination\u00a0on December 27\u00a0and were still in transit at year-end.<\/span><\/span><\/div>\n
3.\u00a0<\/span>Josef received goods costing $22,000\u00a0on January 2.\u00a0The goods were shipped FOB shipping point\u00a0on December 26\u00a0by\u00a0<\/span>Solita<\/span>\u00a0Co. The goods were not included in the physical count.<\/span><\/span><\/div>\n
4.\u00a0<\/span>Josef sold goods costing $35,000 to\u00a0<\/span>Natali<\/span>\u00a0Co., FOB destination,\u00a0on December 30.\u00a0The goods were received at\u00a0<\/span>Natali<\/span>\u00a0on January 8.\u00a0They were not included in Josef\u2019s physical inventory.<\/span><\/span><\/div>\n
5.\u00a0<\/span>Josef received goods costing $44,000\u00a0on January 2\u00a0that were shipped FOB destination\u00a0on December 29.\u00a0The shipment was a rush order that was supposed to arrive\u00a0December 31.\u00a0This purchase was included in the ending inventory of $297,000.<\/span><\/span><\/div>\n

\u00a0<\/span><\/p>\n

Instructions<\/span><\/p>\n

Determine the correct inventory amount\u00a0on December 31.<\/span><\/span><\/p>\n

E6-6.<\/span>\u00a0<\/span>Kaleta<\/span>\u00a0Company reports the following for the month of June.<\/span><\/span><\/p>\n

\"\"\/\u00a0included in Attachment Acc557_HW2<\/p>\n

Instructions<\/span><\/p>\n

a)\u00a0<\/span>Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.<\/span><\/span><\/p>\n

b)\u00a0<\/span>Which costing method gives the higher ending inventory? Why?<\/span><\/span><\/p>\n

c)\u00a0<\/span>Which method results in the higher cost of goods sold? Why?<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Problems<\/span><\/p>\n

\u00a0<\/span><\/p>\n

P4-3<\/span>A.<\/span>\u00a0<\/span>The completed \ufb01nancial statement columns of the worksheet for Fleming Company are shown on\u00a0<\/span>below<\/span>.<\/span><\/span><\/p>\n

\"\"\/<\/p>\n

\u00a0<\/span><\/p>\n

Instructions<\/span><\/p>\n

a)\u00a0<\/span>Prepare an income statement, a retained earnings statement, and a classi\ufb01ed balance sheet.<\/span><\/span><\/p>\n

b)\u00a0<\/span>Prepare the closing entries.<\/span><\/span><\/p>\n

c)\u00a0<\/span>Post the closing entries and underline and balance the accounts. (Use T-accounts.) Income Summary is account No. 350.<\/span><\/span><\/p>\n

d)\u00a0<\/span>Prepare a post-closing trial balance.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

P<\/span>5<\/span>-2A.<\/span>\u00a0<\/span>Latona<\/span>\u00a0Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of\u00a0<\/span>Latona<\/span>\u00a0showed Cash of $5,000 and Common Stock of $5,000.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

May\u00a0<\/span>1 \u00a0Purchased<\/span>\u00a0merchandise on account from Gray\u2019s Wholesale Supply $4,200, terms\u00a02\/10, n\/30.<\/span><\/span><\/p>\n

2 \u00a0Sold<\/span>\u00a0merchandise on account $2,100, terms\u00a01\/10<\/span>, n\/30. The cost of the merchan<\/span>dise sold was $1,300.<\/span><\/span><\/p>\n

5 Received credit from Gray\u2019s Wholesale Supply for merchandise returned $300.<\/span><\/p>\n

9 \u00a0Received<\/span>\u00a0collections in full, less discounts, from customers billed on sales of<\/span>\u00a0<\/span>$2,100 on May 2.<\/span><\/span><\/p>\n

1<\/span>0 Paid Gray\u2019s Wholesale Supply in full, less discount.<\/span><\/span><\/p>\n

11 Purchased supplies for cash $400.<\/span><\/p>\n

12 Purchased merchandise for cash $1,400.<\/span><\/p>\n

15 \u00a0Received<\/span>\u00a0refund for poor quality merchandise from supplier on cash purchase $150.<\/span><\/span><\/p>\n

17 \u00a0Purchased<\/span>\u00a0merchandise from\u00a0<\/span>Amland<\/span>\u00a0Distributors $1,300, FOB shipping point, terms\u00a02\/10, n\/30.<\/span><\/span><\/p>\n

19 Paid freight on May 17 purchase $130.<\/span><\/p>\n

24 Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,000.<\/span><\/p>\n

25 \u00a0Purchased<\/span>\u00a0merchandise from Horvath, Inc. $620, FOB destination, terms\u00a02\/10, n\/30.<\/span><\/span><\/p>\n

27 Paid\u00a0<\/span>Amland<\/span>\u00a0Distributors in full, less discount.<\/span><\/span><\/p>\n

29 \u00a0Made<\/span>\u00a0refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30.<\/span><\/span><\/p>\n

31 \u00a0Sold<\/span>\u00a0merchandise on account $1,000 terms n\/30. The cost of the merchandise sold was $560.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Latona<\/span>\u00a0Hardware\u2019s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Instructions<\/span><\/p>\n

a)\u00a0<\/span>Journalize the transactions using a perpetual inventory system.<\/span><\/span><\/p>\n

b)\u00a0<\/span>Enter the beginning cash and common stock balances and post the transactions. (Use J1 for the journal reference.)<\/span><\/span><\/p>\n

c)\u00a0<\/span>Prepare an income statement through gross pro\ufb01t for the month of May 2015.<\/span><\/span><\/p>\n

P<\/span>6-3<\/span>A.<\/span>\u00a0<\/span>Ziad<\/span>\u00a0Company had a beginning inventory\u00a0on January 1\u00a0of 150 units of Product 4-18-15 at a cost of $20 per unit. During the year, the following purchases were made.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Mar. 15\u00a0400 units at $23\u00a0<\/span>Sept. 4\u00a0350 units at $26<\/span><\/span><\/p>\n

July \u00a020<\/span>\u00a0250 units at $24\u00a0<\/span>Dec. \u00a02\u00a0100 units at $29<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

1,000 units were sold.\u00a0<\/span>Ziad<\/span>\u00a0Company uses a periodic inventory system.<\/span><\/span><\/p>\n

\u00a0<\/span><\/p>\n

Instructions<\/span><\/p>\n

a)\u00a0<\/span>Determine the cost of goods available for sale.<\/span><\/span><\/p>\n

b)\u00a0<\/span>Determine (1)\u00a0<\/span>the ending inventory, and (2) the cost of goods<\/span>\u00a0sold under each of the assumed cost \ufb02ow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods.<\/span><\/span><\/p>\n

c)\u00a0<\/span>Which cost \ufb02ow method results in (1) the highest inventory amount for the balance sheet, and (2) the highest cost of goods sold for the income statement?<\/span><\/span><\/p>\n

\u00a0<\/p>\n

ACC 557<\/span>\u00a0<\/span>Homework\u00a0<\/span>2<\/span>: Chapters\u00a0<\/span>4, 5, and 6<\/span>\u00a0(4-22-2015)<\/span>Page\u00a0<\/span>1<\/span><\/a>\u00a0of\u00a0<\/span>5<\/span><\/a><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Directions: Answer the following questions on a separate\u00a0Microsoft Word or Excel\u00a0document. Explain how you reached the answer or show your work if a mathematical calculation is needed, or both. Submit your assignment using the assignment link\u00a0in Blackboard. \u00a0 Exercises \u00a0 E4–7.\u00a0Kay Magill Company had the following adjusted trial balance. \u00a0 \u00a0 Instructions a)\u00a0Prepare closing entries […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-52945","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/52945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=52945"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/52945\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=52945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=52945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=52945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}