Quiz Directions: The first half of the exam features 6 questions


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Need help completing this final exam. Questions 1-6 must be completed on attached answer sheet. The other 25 questions are simple multiple choice so please just highlight the correct answers within the exam document. I need both files completed. I will tip very generously for a timely completion and 90% or above grade. ACCT220 Exam.docx Quiz Directions: The first half of the exam features 6 questions with short answers and calculations. For these, omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines where required. The second half of the exam consists of 25 multiple-choice questions worth 1 point each. Section 1: Calculations Part 1 Instructions To submit your answers for this part of the exam, fill in the answer sheet. Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines where required. Question 1 (40 points) XYZ Company’s December 31, 2015, trial balance is as follows: XYZ Company Trial Balance December 31, 2015 Account Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Merchandise Inventory Land Building Accumulated Depreciation, Building Equipment Accumulated Depreciation, Equipment Goodwill Accounts Payable Long-Term Notes Payable Common Stock, $10 par, 2,000 shares authorized and outstanding Retained Earnings Sales Revenue Salaries Expense Utilities Expense Cost of Goods Sold Administrative Expenses Sales Expenses Totals Debit $ 43,500 53,500 1,500 30,000 55,000 20,000 150,000 Credit $ 15,000 50,000 21,000 26,000 25,000 75,000 20,000 147,000 700,000 150,000 3,500 350,000 55,000 15,000 $1,003,000 _______ $1,003,000 XYZ is a small company and records adjusting entries and closing a b c d e f g h a b c d e entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded. Additional Information: Notes Receivable is a 3-month, 6% note accepted on November 1, 2015. Long-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015. Interest is payable annually. Building is depreciated at 3% per year. There is no salvage value. Equipment is depreciated at 15% per year. There is no salvage value. XYZ discovered, on December 30, that the inexperienced bookkeeper recorded in the general journal and general ledger that day’s $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss. Salaries for the last half of December, payable in January, amount to $5,500. XYZ estimates that of the Accounts Receivable, 5% will not be collectable. Required: Prepare in journal form, any required correcting entries. Prepare in journal form, all end-of-the-period adjusting entries. Prepare a December adjusted trial balance. Prepare a classified balance sheet for the year ended December 31, 2015. Prepare in journal form, the closing entries for the year ended December 31, 2015. Question 2 (8 points) XYZ Company uses the period method and had the following inventory events during January: Date Jan. 1 Jan. 5 Jan. 10 Jan. 15 Jan. 20 Jan. 25 Jan. 30 Units Purchased 150 225 Unit Cost $7.00 7.20 100 7.50 150 7.80 200 7.95 150 8.00 75 8.20 Date Jan. 2 Jan. 7 Jan. 12 Jan. 17 Jan. 24 Units Sold 100 125 Unit Sales Price $10.00 10.00 75 12.00 200 12.50 150 15.00 a b c d e f Note: The January 1 amounts were the beginning inventory and unit value. (Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.) Required: Calculate the cost of goods available for sale. Calculate the dollar value of sales. Calculate the value of Ending Inventory and Cost of Goods Sold under the following independent assumptions: (1) LIFO method (2) FIFO method (3) Average-cost method Question 3 (7 points) Required: Prepare Acme S

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