Accounting questions

AP10-1A
On January 1, 2011, the ledger of Mane Company contains the following liability accounts.

 

 
Accounts payable $53,390
Sales taxes payable 7,280
Unearned service revenue 16,860

During January the following selected transactions occurred.

 

Jan.  5   Sold merchandise for cash totaling $30,952, which includes 6% sales taxes.
12   Provided services for customers who had made advance payments of $10,450. (Credit Service Revenue.)
14   Paid state revenue department for sales taxes collected in December 2010 ($7,280).
20   Sold 720 units of a new product on credit at $50 per unit, plus 6% sales tax.
21   Borrowed $24,600 from UCLA Bank on a 3-month, 6%, $24,600 note.
25   Sold merchandise for cash totaling $12,508, which includes 6% sales taxes.
 
 
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Journalize the January transactions. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2.)

 

Date Account/Description Debit Credit
Jan. 5                    

     
         $

                                               
             ,    
             $ ,    
            $     
                 $

                 
            ,    
            $    
                $

 

 

                                             in the .

 

 

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AE12-6
On February 1, Neil Company purchased 530 shares (2% ownership) of Young Company common stock for $28 per share plus brokerage fees of $474. On March 20, Neil Company sold 100 shares of Young stock for $2,700, less a $56 brokerage fee. Neil received a dividend of $1.19 per share on April 25. On June 15, Neil sold 250 shares of Young stock for $8,750, less a $99 brokerage fee. On July 28, Neil received a dividend of $1.79 per share.

Prepare the journal entries to record the transactions described above. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.)

 

Date Account/Description Debit Credit
Feb. 1                                            
       $  
      $ section of the .

 
 

 

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ADO IT! 13-2
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JMB Photography reported net income of $103,910 for 2011. Included in the income statement were depreciation expense of $9,340, patent amortization expense of $2,480, and a gain on sale of equipment of $4,000. JMB’s comparative balance sheets show the following balances.

 

 
  12/31/10   12/31/11
Accounts receivable $29,160     $23,100  
Accounts payable 7,450     11,750  

Calculate net cash provided by operating activities for JMB Photography. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

Cash flows from operating activities
         $ $

 by operating activities

  

$

      section. The  is deducted from net income in the  section.

 

  Account / Description Debit Credit
2. (a)    section.

 

  Account / Description Debit Credit
3. (a)    section.

 

  Account / Description Debit Credit
4. (a)    reported separately on the statement of cash flows.

 

  Account / Description Debit Credit
5. (a)      activity at the bottom of the statement of cash flows.

 

  Account / Description Debit Credit
6. (a)    section. The  is added to net income in the  section.
 

 

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AE13-4
Villa Company reported net income of $190,170 for 2011. Villa also reported depreciation expense of $48,910 and a loss of $6,490 on the sale of equipment. The comparative balance sheet shows a decrease in accounts receivable of $14,950 for the year, a $18,090 increase in accounts payable, and a $3,360 decrease in prepaid expenses.

Prepare the operating activities section of the statement of cash flows for 2011. Use the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

VILLA COMPANY
Partial Statement of Cash Flows

For the Year Ended December 31, 2011
Cash flows from operating activities    
      $ $

  $ $

  $ $

 by operating activities

    

 by financing activities

  

 in cash

    from the issue of stock was $ for dividends was $.

The payment of dividends would be classified as .

 
 

 

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AP13-9A
Condensed financial data of Arma Inc. follow.

 

 
ARMA INC.
Comparative Balance Sheets

December 31
Assets

2011

  

2010
Cash $90,783    $48,484 
Accounts receivable 92,601    33,127 
Inventories 112,355    102,896 
Prepaid expenses 28,367    26,145 
Investments 137,957    114,002 
Plant assets 269,909    242,513 
Accumulated depreciation

(49,835)

  

(51,877)
     Total

$682,137 

  

$515,290 
       
Liabilities and Stockholders’ Equity    
Accounts payable $112,111   $67,242
Accrued expenses payable 16,572   16,933
Bonds payable 110,600   146,000
Common stock 220,300   174,600
Retained earnings

222,554

  

110,515
     Total

$682,137

  

$515,290

 

 
ARMA INC.
Income Statement

For the Year Ended December 31, 2011
Sales     $392,536
Less:      
   Cost of goods sold $134,473    
   Operating expenses, excluding depreciation 12,371    
   Depreciation expense 46,373    
   Income taxes 27,154    
   Interest expense 4,625    
   Loss on sale of plant assets

7,424

  

232,420
Net income    

$160,116

Additional information:

  1. New plant assets costing $84,896 were purchased for cash during the year.
  2. Old plant assets having an original cost of $57,500 were sold for $1,661 cash.
  3. Bonds matured and were paid off at face value for cash.
  4. A cash dividend of $48,077 was declared and paid during the year.

Complete the statement of cash flows using the indirect method. (List amounts from largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

 

ARMA INC.
Statement of Cash Flows

For the Year Ended December 31, 2011
Cash flows from operating activities    
        $ $

 by operating activities

  

 by investing activities

  

 by financing activities

  

 in cash

   [removed]
Cash at beginning of period  

[removed]
Cash at end of period  

$[removed]
 

 

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