acct220 quiz 2 latest 2017

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Quiz 2

Question 1 The following is the Alpha Dog Company adjusted
Trail Balance.

Alpha Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	181,860
Supplies	36,255
Stock Investment	130,500
Equipment	295,285
Accumulated Depreciation		$236,260
Accounts Payable		72,555
Wages Payable		10,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		898,105
Interest Income		1,500
Rent Expense	66,000
Wages Expense	537,260
Supplies Expense	42,520
Depreciation Expense	164,595
Dividends	6,840	________
Totals	$1,549,565	$1,549,565

Prepare only the Asset section of the Classified Balance
Sheet for the year end. Be sure to use a good format, dollar signs and single
underlines were required. There are a few extra lines in the formatted input
answer form to allow for acceptable balance sheet format variations.

Question 2 The following is a partial Adjusted Trial Balance
for Alpha Company for the month:

Alpha Company
Adjusted Trial Balance (partial)
January 31, 2016
Accounts	Debit	Credit
Inventory	$2,750
Sales		$12,500
Sales Discounts	200
Sales Returns & Allowances	1,200
Purchases	4,000
Purchases Discounts		150
Purchase Returns & Allowances		450
Freight In	50
Advertising Expense	150
Depreciation Expense	145
Freight Out	70
Income Tax Expense	500
Salaries Expense	500
Utilities Expense	100

Additionally, Inventory for December 31, 2015 was $2,700.
Prepare a multiple-step income statement. Prepare a partial multiple-step
income statement that includes the Sales, Cost of Goods Sold sections &
gross profit.

Question 3 Alpha Company uses the periodic inventory system
for purchase & sales of merchandise. Discount terms for both purchases
& sales are, 2/10, n30 and the gross method is used. Unless otherwise
noted, FOB Destination will apply to all purchases & sales. The value of
inventory is based on periodic system. On January 1, 2016, beginning inventory
consisted of 350 units of widgets costing $10 each. Alpha prepares monthly
income statements. The following events occurred during the month of Jan.:

	Date	Activity
a.	Jan. 3	Purchased on account 350 widgets for $11 each.
b.	Jan. 5	Sold on account 400 widgets for $30 each. Paid freight out with petty cash of $150.
c.	Jan. 10	Purchased on account 625 widgets for $12 each.
d.	Jan. 11	Shipping cost for the January 10 purchased merchandise was $400 was paid with a cheque by Alpha directly to the freight company.
e.	Jan. 12	Returned 50 widgets received from Jan. 10 purchase as they were not the correct item ordered.
f.	Jan. 13	Paid for the purchases made on Jan. 3.
g.	Jan. 21	Sold on account 550 widgets for $30 each. Paid freight out with petty cash of $250.
h.	Jan. 22	Authorize credit without return of goods for 50 widgets sold on Jan. 21 when customer advised that they were received in defective condition.
i.	Jan. 25	Received payment for the sale made on Jan. 5.
j.	Jan. 26	Paid for the purchases made on Jan. 10.
k.	Jan. 31	Received payment for the sale made on Jan. 21.

Use this information to prepare the General Journal entries
(without explanation) for the January events. If no entry is required then
enter the date and write “No Entry Required.”

Question 4 The following is the Bravo Unlimited adjusted
Trail Balance.

Bravo Unlimited
Adjusted Trial Balance
December 31, 2016
Account Title	Debit	Credit
Cash	$88,450
Accounts Receivable	332,700
Supplies	10,255
Prepaid Rent	8,250
Equipment	295,285
Accumulated Depreciation		$235,260
Accounts Payable		72,555
Wages Payable		10,000
Capital Stock		220,000
Retained Earnings		111,145
Service Revenue		897,105
Interest Income		1,500
Rent Expense	63,250
Wages Expense	537,260
Supplies Expense	42,520
Depreciation Expense	163,595
Dividends	6,000	________
Totals	$1,547,565	$1,547,565

What are the dollar values that will appear in Bravo
Unlimited year end financial statements for the following line items: (For any
Net Loss the dollar value must be enclosed in brackets and do not use a minus
sign.)

1. Total Current Assets

2. Total Quick Assets

3. Total Current Liabilities

4. Net Income or (Net Loss)

5. Retain Earnings

Question 5 Alpha Company uses the periodic inventory system
for purchase & sales of merchandise. The value of inventory is based on
periodic system. On January 1, 2016, beginning inventory consisted of 325 units
of widgets costing $10 each. Alpha prepares monthly income statements. The
following events occurred during the month of Jan.:

	Date	Activity
a.	Jan. 3	Purchased on account 350 widgets for $11 each.
b.	Jan. 5	Sold on account 425 widgets for $30 each.
c.	Jan. 10	Purchased on account 600 widgets for $12 each.
d.	Jan. 12	Returned 25 widgets received from Jan. 10 purchase.
e.	Jan. 13	Paid for the purchases made on Jan. 3.
f.	Jan. 21	Sold on account 550 widgets for $30 each.
g.	Jan. 25	Received payment for the sale made on Jan. 5.
h.	Jan. 26	Paid for the purchases made on Jan. 10.
i.	Jan. 31	Received payment for the sale made on Jan. 21.

Using the LIFO method, determine the dollar values following
for the month of January:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Question 6 Alpha Company uses the periodic inventory system
for purchase & sales of merchandise. The value of inventory is based on
periodic system. On January 1, 2016, beginning inventory consisted of 325 units
of widgets costing $10 each. Alpha prepares monthly income statements. The
following events occurred during the month of Jan.:

	Date	Activity
a.	Jan. 3	Purchased on account 350 widgets for $11 each.
b.	Jan. 5	Sold on account 425 widgets for $30 each.
c.	Jan. 10	Purchased on account 600 widgets for $12 each.
d.	Jan. 12	Returned 25 widgets received from Jan. 10 purchase.
e.	Jan. 13	Paid for the purchases made on Jan. 3.
f.	Jan. 21	Sold on account 550 widgets for $30 each.
g.	Jan. 25	Received payment for the sale made on Jan. 5.
h.	Jan. 26	Paid for the purchases made on Jan. 10.
i.	Jan. 31	Received payment for the sale made on Jan. 21

Using the FIFO method, determine the dollar values following
for the month of January:

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

Question 7 Alpha Company uses the periodic inventory system
for purchase & sales of merchandise. The value of inventory is based on
periodic system. On January 1, 2016, beginning inventory consisted of 400 units
of widgets costing $10 each. Alpha prepares monthly income statements. The
following events occurred during the month of Jan.:

Date	Activity
a.	Jan. 3	Purchased on account 350 widgets for $11 each.
b.	Jan. 5	Sold on account 500 widgets for $30 each.
c.	Jan. 10	Purchased on account 650 widgets for $12 each.
d.	Jan. 12	Returned 50 widgets received from Jan. 10 purchase.
e.	Jan. 13	Paid for the purchases made on Jan. 3.
f.	Jan. 21	Sold on account 550 widgets for $30 each.
g.	Jan. 25	Received payment for the sale made on Jan. 5.
h.	Jan. 26	Paid for the purchases made on Jan. 10.
i.	Jan. 31	Received payment for the sale made on Jan. 21.

Using the Weighted Average method, determine the dollar values
following for the month of January: (Enter only whole dollar values.)

1. Ending Inventory

2. Cost of Goods Available for Sale

3. Cost of Goods Sold

 

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