Accounting Exam. There are 30 questions of filling out balance sheets or cash flows. I wanted to ask this question in the advanced question tab, but I no longer have access to it. I don't have a clue what happened to this feature. Can someone help me please? I'm willing to pay more to get this done.

Question 1 The following data relate to the accounts of Edmiston Company. a. Unpaid salaries and wages at year end amount to $750. b. Edmiston Company owns bonds of another corporation that pay annual interest of $800. These bonds were purchased on April 1, 2017, and the next interest payment will be received on April 1, 2018. c. A two-year insurance policy was purchased on June 1, 2017. The $1,200 insurance premium was paid on that date and was debited to Prepaid Insurance. d. Service Revenue was credited for $900 on June 1, 2017. The amount represents a one-year advance payment for services to be performed by Edminston Company through May 31, 2018. e. The Supplies account shows a balance of $2,500 on December 31, 2017. A physical count of the supplies on hand at this date reveals a total of $1,000 available. Prepare the necessary adjusting journal entries indicated by each item for the year ended December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No Account Titles and Debit Credit . Explanation a. b. c. d. e. ===================================================================== Question 2 The adjusted trial balance of Ryan Financial Planners appears below. RYAN FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2017 Debit Cash Credit $3,150 Accounts Receivable 2,240 Supplies 1,680 Equipment 16,300 Accumulated Depreciation Equipment $4,075 Accounts Payable 3,370 Unearned Service Revenue 4,385 Common Stock 10,000 Retained Earnings Dividends 4,420 1,000 Service Revenue 4,300 Supplies Expense 690 Depreciation Expense 2,590 Rent Expense 2,900 $30,550 $30,550 Using the information from the adjusted trial balance, you are to prepare for the month ending December 31: 1. An income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) RYAN FINANCIAL PLANNERS Income Statement $ $ $ 2. A retained earnings statement. RYAN FINANCIAL PLANNERS Retained Earnings Statement $ : $ $ 3. A balance sheet. (List Assets in order of liquidity.) RYAN FINANCIAL PLANNERS Balance Sheet Assets $ $ : $ Liabilities and Stockholders' Equity $ $ $ ===================================================================== Question 3 Swifty Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Aug. 2 Invested $11,510 cash and $2,570 of equipment in the business. 7 Purchased supplies on account for $460. (Debit asset account.) 12 Performed services for clients, for which $1,231 was collected in cash and $701 was billed to the clients. 15 Paid August rent $568. 19 Counted supplies and determined that only $268 of the supplies purchased on August 7 are still on hand. Date Aug. 2 Aug. 12 Account Titles and Explanation Debit Credit ===================================================================== Question 4 Included in Bridgeport Company's December 31 trial balance is a note receivable of $7,440. The note is a 4-month, 10% note dated October 1. Prepare Bridgeport's December 31 adjusting entry to record $186 of accrued interest, and the February 1 journal entry to record receipt of $7,688 from the borrower. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ===================================================================== Question 5 Sunland Corporation had net sales of $2,428,100 and interest revenue of $40,500 during 2017. Expenses for 2017 were cost of goods sold $1,459,900, administrative expenses $212,400, selling expenses $281,700, and interest expense $52,300. Sunland's tax rate is 30%. The corporation had 108,600 shares of common stock authorized and 72,030 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Sunland Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.) SUNLAND CORPORATION Income Statement $ $ $ $ ===================================================================== Question 6 Presented below is information related to Riverbed Company at December 31, 2017, the end of its first year of operations. Sales revenue Cost of goods sold $327,980 148,580 Selling and administrative expenses 52,100 Gain on sale of plant assets 30,840 Unrealized gain on available-for-sale investments 9,370 Interest expense 6,060 Loss on discontinued operations 11,970 Dividends declared and paid 5,190 Compute the following: $ (a) Income from operations $ (b) Net income $ (c) Comprehensive income $ (d) Retained earnings balance at December 31, 2017 ===================================================================== Question 7 Sunland Company has recorded bad debt expense in the past at a rate of 1.5% of accounts receivable, based on an aging analysis. In 2017, Sunland decides to increase its estimate to 2%. If the new rate had been used in prior years, cumulative bad debt expense would have been $396,400 instead of $298,700. In 2017, bad debt expense will be $126,900 instead of $96,360. If Sunland's tax rate is 26%, what amount should it report as the cumulative effect of changing the estimated bad debt rate? (Do not leave any answer field blank. Enter 0 for amounts.) $ The cumulative effect of changing the estimated bad debt rate ===================================================================== Question 8 Presented below are changes in the account balances of Wenn Company during the year, except for retained earnings. Increase (Decrease) Increase (Decrease) Cash $28,340 Accounts payable $34,860 Accounts receivable (net) (18,090) Bonds payable (20,670) Inventory 52,060 Common stock 63,250 Plant assets (net) 46,180 Paid-in capital 15,960 The only entries in Retained Earnings were for net income and a dividend declaration of $16,400. (a) Compute the net income for the current year. $ Net income ===================================================================== Question 9 The Sheffield, Inc. sold 10,630 season tickets at $2,000 each. By December 31, 2017, 16 of the 40 home games had been played. What amount should be reported as a current liability at December 31, 2017? $ Current liability ===================================================================== Question 10 Cullumber Corporation's adjusted trial balance contained the following asset accounts at December 31, 2017: Cash $9,680, Land $45,100, Patents $14,600, Accounts Receivable $97,740, Prepaid Insurance $6,110, Inventory $37,000, Allowance for Doubtful Accounts $5,700, and Equity Investments (to be sold in the next quarter) $14,360. Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.) CULLUMBER CORPORATION Balance Sheet (Partial) $ $ : $ ===================================================================== Question 11 Included in Splish Company's December 31, 2017, trial balance are the following accounts: Accounts Payable $238,700, Pension Liability $375,700, Discount on Bonds Payable $32,900, Unearned Rent Revenue $48,000, Bonds Payable $406,900, Salaries and Wages Payable $37,000, Interest Payable $16,010, and Income Taxes Payable $33,280. Prepare the current liabilities section of the balance sheet. SPLISH COMPANY Balance Sheet (Partial) $ $ Question 12 Included in Oriole Company's December 31, 2017, trial balance are the following accounts: Accounts Payable $248,900, Pension Liability $382,700, Discount on Bonds Payable $29,800, Unearned Rent Revenue $47,000, Bonds Payable $405,800, Salaries and Wages Payable $36,000, Interest Payable $14,470, and Income Taxes Payable $34,500. Prepare the long-term liabilities section of the balance sheet. ORIOLE COMPANY Balance Sheet (Partial) $ $ : $ ===================================================================== Question 13 Pina Company reported 2017 net income of $152,900. During 2017, accounts receivable increased by $17,160 and accounts payable increased by $9,582. Depreciation expense was $48,000. Prepare the cash flows from operating activities section of the statement of cash flows. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) PINA COMPANY Cash Flow Statement $ Adjustments to reconcile net income to $ $ ===================================================================== Question 14 Stellar Corporation engaged in the following cash transactions during 2017. Sale of land and building $200,900 Purchase of treasury stock 42,400 Purchase of land 39,900 Payment of cash dividend 91,900 Purchase of equipment 55,300 Issuance of common stock 150,200 Retirement of bonds 103,200 Compute the net cash provided (used) by investing activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) STELLAR CORPORATION Statement of Cash Flows (Partial) $ $ ===================================================================== Question 15 Cullumber Corporation engaged in the following cash transactions during 2017. Sale of land and building $182,510 Purchase of treasury stock 41,300 Purchase of land 39,300 Payment of cash dividend 94,500 Purchase of equipment 53,700 Issuance of common stock 151,800 Retirement of bonds 108,000 Compute the net cash used (provided) by financing activities. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) CULLUMBER CORPORATION Statement of Cash Flows (Partial) $ $ ===================================================================== Question 16 Chris Bautista needs $20,900 in 7 years. Click here to view factor tables What amount must he invest today if his investment earns 12% compounded annually? What amount must he invest if his investment earns 12% annual interest compounded quarterly? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) Investment at 12% annual interest $ $ Investment at 12% annual interest, compounded quarterly ===================================================================== Question 17 Newman Madison needs $237,900 in 10 years. Click here to view factor tables How much must he invest at the end of each year, at 9% interest, to meet his needs? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) $ Investment amount ===================================================================== Question 18 Sheffield Inc. issues $2,084,300 of 10% bonds due in 13 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. Click here to view factor tables What amount will Sheffield receive when it issues the bonds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.) $ Amount received by Sheffield when bonds were issued ===================================================================== Question 19 The Cheyenne Inc., a manufacturer of low-sugar, low-sodium, low-cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Cheyenne has decided to locate a new factory in the Panama City area. Cheyenne will either buy or lease a site depending upon which is more advantageous. The site location committee has narrowed down the available sites to the following three very similar buildings that will meet their needs. Building A: Purchase for a cash price of $615,000, useful life 28 years. Building B: Lease for 28 years with annual lease payments of $71,570 being made at the beginning of the year. Building C: Purchase for $659,900 cash. This building is larger than needed; however, the excess space can be sublet for 28 years at a net annual rental of $6,870. Rental payments will be received at the end of each year. The Cheyenne Inc. has no aversion to being a landlord. Click here to view factor tables In which building would you recommend that The Cheyenne Inc. locate, assuming a 12% cost of funds? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.) Net Present Value Building A Building B Building C $ $ $ The Cheyenne Inc. should locate itself in ===================================================================== Question 20 On May 10, 2017, Shamrock Co. enters into a contract to deliver a product to Greig Inc. on June 15, 2017. Greig agrees to pay the full contract price of $2,150 on July 15, 2017. The cost of the goods is $1,470. Shamrock delivers the product to Greig on June 15, 2017, and receives payment on July 15, 2017. Prepare the journal entries for Shamrock related to this contract. Either party may terminate the contract without compensation until one of the parties performs. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation (To record contract entered into) (To record sales) (To record cost of goods sold) Debit Credit (To record payment received) ===================================================================== Question 21 Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $1,058,000, payment due at delivery. (b) Groupo sells goods on account to Grifols for $804,000, payment due in 30 days. (c) Groupo sells goods to Magnus for $455,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $417,200. Indicate the transaction price for each of these situations and when revenue will be recognized. (a) (b) $ Transaction Price (c) $ $ Revenue will be recognized ===================================================================== Question 22 On March 1, 2017, Cullumber Company sold goods to Goosen Inc. for $720,000 in exchange for a 5year, zero-interest-bearing note in the face amount of $1,213,242 (an inputed rate of 11%). The goods have an inventory cost on Cullumber's books of $433,000. (a) Prepare the journal entries for Cullumber on March 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Mar. 1, 2017 (To record sales) Debit Credit (To record cost of goods sold) (b) Prepare the journal entries for Cullumber on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 ===================================================================== Question 23 On July 10, 2017, Culver Music sold CDs to retailers on account and recorded sales revenue of $743,000 (cost $638,980). Culver grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2017, retailers returned CDs to Culver and were granted credit of $78,900. Prepare Culver's journal entries to record (a) the sale on July 10, 2017, and (b) $78,900 of returns on October 11, 2017, and on October 31, 2017. Assume that Culver prepares financial statement on October 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No . Date Account Titles and Explanation (a) Jul. 10, 2017 (To record sales) (To record cost of goods sold) (b) Oct. 11, 2017 (To record sales returns) Debit Credit (To record cost of goods returned) Oct. 31, 2017 ===================================================================== Question 24 Classify the following items as (1) operating, (2) investing, (3) financing, or (4) significant noncash investing and financing activities, using the direct method. (a) Cash payments to employees. (b) Redemption of bonds payable. (c) Sale of building at book value. (d) Cash payments to suppliers. (e) Exchange of equipment for furniture. (f) Issuance of preferred stock. (g) Cash received from customers. (h) Purchase of treasury stock. (i) Issuance of bonds for land. (j) Payment of dividends. (k) Purchase of equipment. (l) Cash payments for operating expenses. ===================================================================== Question 25 Novak Corporation is preparing its 2017 statement of cash flows, using the indirect method. Presented below is a list of items that may affect the statement. Using the code below, indicate how each item will affect Novak's 2017 statement of cash flows. Code Letter Effect A Added to net income in the operating section D Deducted from net income in the operating section R-I Cash receipt in investing section P-I Cash payment in investing section R-F Cash receipt in financing section P-F Cash payment in financing section N Noncash investing and financing activity (a) Purchase of land and building. (b) Decrease in accounts receivable. (c) Issuance of stock. (d) Depreciation expense. (e) Sale of land at book value. (f) Sale of land at a gain. (g) Payment of dividends. (h) Increase in accounts receivable. (i) Purchase of available-for-sale debt investment. (j) Increase in accounts payable. (k) Decrease in accounts payable. (l) Loan from bank by signing note. (m) Purchase of equipment using a note. (n) Increase in inventory. (o) Issuance of bonds. (p) Redemption of bonds payable. (q) Sale of equipment at a loss. (r) Purchase of treasury stock. ===================================================================== Question 26 Flint Corporation had January 1 and December 31 balances as follows. 1/1/17 Inventory Accounts payable 12/31/17 $73,000 $93,000 57,000 65,000 For 2017, cost of goods sold was $550,000. Compute Flint's 2017 cash payments to suppliers. $ Cash payments to suppliers ===================================================================== Question 27 In 2017, Carla Corporation had net cash provided by operating activities of $485,000, net cash used by investing activities of $869,000, and net cash provided by financing activities of $580,000. At January 1, 2017, the cash balance was $358,000. Compute December 31, 2017, cash. $ Cash, December 31, 2017 ===================================================================== Question 28 Swifty Corporation had the following 2017 income statement. Revenues $106,000 Expenses 66,000 $40,000 In 2017, Swifty had the following activity in selected accounts. Accounts Receivable 1/1/17 Revenues Write-offs 106,000 Collections 12/31/17 Allowance for Doubtful Accounts 1/1/17 Write-offs Bad debt expense 12/31/17 (a) Prepare Swifty's cash flows from operating activities section of the statement of cash flows using the direct method. Swifty Corporation Statement of Cash Flows-Direct Method (Partial) $ $ (b) Prepare Swifty's cash flows from operating activities section of the statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. Swifty Corporation (15,000).) Statement of Cash Flows-Indirect Method (Partial) $ $ ===================================================================== Question 29 Answer each of the questions in the following unrelated situations. (a) The current ratio of a company is 6:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $503,000, what is the amount of current liabilities? $ Current Liabilities (b) A company had an average inventory last year of $220,000 and its inventory turnover was 5. If sales volume and unit cost remain the same this year as last and inventory turnover is 8 this year, what will average inventory have to be during the current year? (Round answer to 0 decimal places, e.g. 125.) $ Average Inventory (c) A company has current assets of $90,000 (of which $36,000 is inventory and prepaid items) and current liabilities of $36,000. What is the current ratio? What is the acid-test ratio? If the company borrows $16,000 cash from a bank on a 120-day loan, what will its current ratio be? What will the acidtest ratio be? (Round answers to 2 decimal places, e.g. 2.50.) Current Ratio :1 Acid Test Ratio :1 New Current Ratio :1 New Acid Test Ratio :1 (d) A company has current assets of $589,000 and current liabilities of $263,000. The board of directors declares a cash dividend of $198,000. What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend? (Round answers to 2 decimal places, e.g. 2.50.) Current ratio after the declaration but before payment :1 Current ratio after the payment of the dividend :1 ===================================================================== Question 30 Sandhill Company is involved in four separate industries. The following information is available for each of the four industries. Operating Segment Total Revenue Operating Profit (Loss) Identifiable Assets W $59,160 $16,780 $155,846 X 10,190 2,550 77,923 Y 25,500 (3,240) 18,809 Z 7,150 1,210 16,122 $102,000 $17,300 $268,700 Determine which of the operating segments are reportable based on the: Reportable Segments (a) Revenue test. (b) Operating profit (loss) test. (c) Identifiable assets test