Accounting for Business Operations ACC 20364 – Final


Question Description:

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It’s a six part question in the attachment. I don’t need it for a couple weeks. The first question begins Bella’s Beauty Salon’s unadjusted trial balance for the current year follows: Acct for business operations.docx Accounting for Business Operations ACC 20364 – Final Examination 1. Bella’s Beauty Salon’s unadjusted trial balance for the current year follows: Additional information: a. An insurance policy examination showed $1,240 of expired insurance. b. An inventory count showed $210 of unused shop supplies still available. c. Depreciation expense on shop equipment, $350. d. Depreciation expense on the building, $2,220. e. A beautician is behind on space rental payments and $200 of accrued revenue was unrecorded at the time the trial balance was prepared. f. $800 of the Unearned Rent account balance was earned by year-end. g. The one employee, a receptionist, works a five-day workweek at $50 per day. The employee was paid last week but has worked four days this week for which she has not been paid. h. Three months’ property taxes, totaling $450, have accrued. This additional amount of property taxes expense has not been recorded. i. One month’s interest on the note payable, $600, has accrued but is unrecorded. Required: Based on the additional information, prepare the adjusting journal entries for Bella’s Beauty Salon. 2. The following is the adjusted trial balance for Rapid Car Services for the most recent year: Rapid Car Services, Inc. Adjusted Trial Balance For the year ended December 31 Cash Accounts receivable Office supplies Vehicles Accumulated depreciation—Vehicles Accounts payable Common stock Retained earnings Dividends Fees earned Rent expense Office supplies expense Utilities expense Depreciation Expense—Vehicles Salary expense Fuel expense Totals $33,000 14,200 1,700 100,000 45,000 11,500 1,000 70,900 40,000 155,000 13,000 2,000 2,500 15,000 50,000 12,000 $283,400 $283,40 0 Required: Prepare the following financial statements for Rapid Car Services, Inc. from the adjusted trial balance. Assume the stockholders did not make any additional investments in the company during the year. Income Statement Statement of Retained Earnings Balance Sheet 3. END Company reported the current month purchase and sales data for its only product as follows: Date April 1 4 7 10 16 25 28 Activities Beginning Inventory Purchase Sales Purchase Sales Purchase Sales Units Acquired at Cost 175 units @ $15.00 150 units @ $16.00 Units Sold at Retail 160 units @ $30.00 200 units @ $17.00 250 units @ $30.00 160 units @ $18.00 150 units @ $32.00 Required: Determine the cost assigned to ending inventory and cost of goods sold using LIFO with the perpetual inventory system. 4. The following information is available for the Edwards Company for its March 31 bank reconciliation: From the March 31 bank statement: NSF: A check from a customer, Cook Co. in payment of their account. IN: Interest earned on the account. From the Edwards Company’s accounting records: Required: Based on the above information, prepare the 2-column bank reconciliation for the Edwards Company for March. 5. Information for Jason Metalworks as of December 31 follows. Administrative salaries expense Depreciation expense—Factory equipment Depreciation expense—Delivery vehicles Depreciation expense—Office equipment Advertising expense Direct labor Factory supplies used Income taxes expense Indirect labor Indirect material Factory insurance Factory utilities Factory maintenance Inventories Raw materials inventory, January 1 Raw materials inventory, December 31 Work in Process inventory, January 1 Work in Process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw materials purchases Rent expense—Factory Rent expense—Office space Rent expense—Selling Space Sales salaries expense Sales Sales discounts $135,00 0 52,400 36,200 24,800 22,350 268,000 12,000 91,500 35,000 24,000 15,500 14,000 7,500

Answer

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