7 accounting problems I have attached the documents

ACCT 221 Financial Accounting Final Exam Problems (Chapters 7-12) 1. The cash account for Santiago Co. on May 31, 2013 indicated a balance of $15,515. The May bank statement indicated an ending balance of $20,245. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: a. b. c. d. e. f. Checks outstanding totaled $4,820. A deposit of $3,796 had been made too late to appear on the bank statement. A check for $1,233 returned with the statement had been incorrectly recorded as $233. The check was originally credited to accounts payable. The bank collected $5,541 on a note left for collection. Bank service charges for May amounted to $45. A check for $790 was returned by the bank because of insufficient funds. Prepare a bank reconciliation as of May 31, 2013. Journalize the necessary entries. Santiago Co. Bank Reconciliation May 31, 2013 Journal Post Ref Date Description Debit Credit 2. Mr. Potts owes a creditor $200,000 for merchandise purchased on account. The account is past due and Potts isn't prepared to pay the creditor yet. Instead he issued a 90-day, 7% note for $200,000, dated February 3rd to the creditor on account. (Assume a 360-day year when calculating interest.) a. Determine the due date of the note. b. Determine the interest. c. Determine the maturity value of the note. d. Journalize the entry to record the issuance of the note on Feb. 3. e. Journalize the entry in payment of the note at maturity - including interest - on the due date. Journal Post Ref Date Description Debit Credit 3. The following information is for employee Ella Dodd for the week ended March 15. Total hours worked: 48 Rate: $15 per hour, with double time for all hours in excess of 40 Federal income tax withheld: $200 United Fund deduction: $50 Cumulative earnings prior to current week: $6,400 Tax rates: Social security: 6% on maximum earnings of $100,000. Medicare tax: 1.5% on all earnings; on both employer and employee State unemployment: 3.4% on maximum earnings of $7,000; on employer Federal unemployment: 0.8% on maximum earnings of $7,000; on employer (a) Determine (1) total earnings, (2) total deductions, and (3) cash paid. (1) (2) (3) (b) Determine each of the employer's payroll taxes related to the earnings of Ella Dodd for the week ended March 15. Post Ref Date Mar 15 Description Payroll Tax Expense Soc. Sec. Tax Payable Medicare Tax Payable State Unemploy. Tax Pay. Federal Unemploy. Tax. Pay. Debit Credit 4. When considering the Cost Basis of a Fixed Asset, identify each of the following expenditures as chargeable to (L) Land, (LI) Land Improvements, (B) Buildings, (E) Machinery and Equipment, or (O) other account. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) ____ Cost of paving parking area for employees and customers. ____ Insurance during construction of building. ____ Interest incurred on loan during construction of building. ____ Fee paid for installation of equipment. ____ Special foundation for new equipment acquired. ____ Insurance on new equipment while in transit. ____ Freight charges on new equipment. ____ Cost of repairing vandalism damage to equipment during installation. ____ Sales tax on new equipment. ____ Cost incurred in repairing damage resulting from installation of new equipment. ____ Cost of land fill for building site. ____ Cost of lubricating oil purchased for periodic oil changes for equipment. ____ Parking lot lighting. ____ Installing a fence around the parking lot. ____ Repainting the trim on a building. ____ Special assessment paid to city for extension of water main to property. ____ Cost of razing and removing the old building on property acquired for a building site. ____ Delinquent real estate taxes assumed by purchaser on property acquired. ____Attorney's fee for title search. ____ Architect's fee for building plans and supervision of construction. 5. Equipment purchased at the beginning of the fiscal year for $360,000 is expected to have a useful life of 5 years, or 14,000 operating hours, and a residual value of $10,000. Compute the depreciation for the first and second years of use by each of the following methods: (a) (b) (c) straight-line units-of-production (1,200 hours first year; 2,250 hours second year) declining-balance at twice the straight-line rate Round answers to the nearest dollar and show all work (on a separate sheet of paper) for full credit. Year 1 2 Straight-Line Units of Prod. Double-Declining Balance 6. Present entries to record the following: (a) (b) (c) Issued 1,000 shares of $10 par common stock at $59 for cash. Purchased 100 shares of treasury stock at $32. Sold 100 shares of treasury stock at $42. Post Ref Date Description Debit Credit Debit Credit 7. Prepare the journal entries to: (a) Issue $100,000 bonds which sold for $94,000. (b) Issue $100,000 bonds which sold for $104,000. Post Ref Date Description