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Arial Topic: Bank Reconciliations 1. Use the following information to prepare a bank reconciliation for Finch Company at August 31, 2016 TEN POINTS (1) Cash account balance, August 31, $20,670.60. (2) Bank statement balance, August 31, $24,761.00. (3) Deposits in transit, $1,920.00 (4) Outstanding checks, August 31, $6,380.40. (5) Service charge on bank statement not recorded in books, $50.00. (6) Bank error another company's check charged on Finch Company's bank statement, $500.00 Check for repairs expense, $1,340.00, incorrectly recorded in books as $1,520.00. (7) 2. The following information was used in reconciling the bank account for Maude Company on October 31: TEN POINTS Balance per bank, October 31 Insufficient funds check Outstanding checks Utility bill paid by bank Check printing charge Deposits in transit Balance per books, October 31 $36,640 1,400 1,800 1,240 80 2,440 40,000 Calculate the Adjusted Book Balance on October 31. Helga Co. developed the following reconciling information in preparing its September bank reconciliation FIVE POINTS Cash balance per bank, 9/30 Note receivable collected by bank Outstanding checks Deposits-in-transit Bank service charge NSF check $16,000 8,000 12,000 6,000 100 2,000 Using the above information, determine the cash balance per books (before adjustments) for Helga Co Bonus After completing a bank reconciliation, you are preparing journal entries to agree the Moving Company's Cash account balance with the reconciled balance shown on the reconciliation. Which of the following requires a journal entry? 2 POINT BONUS Arial A) Deposits in transit at the end of the period B) Outstanding checks at the end of the period C) An error by the bank in recording one of the firm's deposits D) An "NSF" check Topic: Accounts Receivable Aging Method TEN POINTS 4. At December 31, 2016, Luna Toys had a balance of $165,400 in its Accounts Receivable account and a credit balance of $600 in its Allowance for Doubtful Accounts account. Luna Toys analyzed and aged its accounts receivable based on the following estimated uncollectible amounts Receivables Balance $87,000 Age of Accounts Current 31 to 60 day 61 to 90 days Over 91 days Total Estimated % Uncollectible O. 6% 2.0% 5.5% 21.0% 44,200 17,800 16,400 $165,400 The company bases its provision for credit losses on the aging analysis Required a. What amount of bad debt expense will Luna Toys report in its 2016 income statement? b. How would Accounts Receivable and the Allowance for Doubtful Accounts appear in its December 31, 2016, balance sheet? Topic: Accounts Receivable Aging Method TEN POINTS Victoria Market reports the following analysis of potential losses in its accounts receivable Receivable Estimated Loss Age Past Due 0-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Balance $44,800 20,000 12,000 -2.200 $79,000 0.5% 1.8% 4.3% 45.5% The balance of Allowance for Doubtful Accounts is $400 credit balance on December 31, 2016 prior to adjustments Arial 10 B Required a. Compute bad debts expense that will be recorded for 2016. What is the amount of net accounts receivable to be reported on Victoria Market's December 31, 2016 balance sheet? Topic: LIFO Inventory costing Method TEN POINTS 6 The following represents the inventory of Rajan Company for the month of April: April 1 Beginning Inventory 100 units @ $8 April 2 Sales April 3 Purchases April 10 Sales April 21 Purchases April 28 Sales 50 units 300 units @$12 250 units 400 units $16 200 units a.Assuming a periodic inventory system is used by Rajan Company, what is ending inventory b.Assuming a periodic inventory system is used by Rajan Company, what is cost of goods sold c. Assuming a periodic inventory system is used by Rajan Company, what is ending inventory under LIFO? under FIF O? under the Weighted-Average Cost method? What is the gross margin for a and b and c above? Topic: LIFo Inventory Costing Method TEN POINTS 7. The following represents the inventory of Benita Company for the month of April: April 1 Beginning Inventory April 2Sales April 3 Purchases April 10Sales April 21 Purchases April 28 Sales 100 units @$16 50 units 300 units @ $24 250 units 400 units @ $32 200 units a. Assuming a perpetual inventory system is used by Benita Company, what is ending inventory under LIFO? b. Assuming a perpetual inventory system is used by Benita Company, what is cost of goods sold Arial under FIFO? .Assuming a perpetual inventory system is used by Benita Company, what is ending inventory d.What is the gross margin for a. and b. and c under the Weighted-Average Cost method? 8. Chittum Company presented the following data at the end of 2016: FIVE POINTS Current liabilities Long-term debt Deferred income taxes Preferred stock Common stock Retained earnings $400,000 2,200,000 800,000 320,000 1,420,000 1,080,000 Determine the debt-to-total assets ratio for Chittum Company (rounded) 9. Fredling Company presented the following data at the end of 2016. FIVE POINTS Net sales revenue Cost of goods sold Operating expenses Income tax rate $550,000 250,000 60,000 2596 Determine the company's return on sales (rounded) 10. Herbst Company presented the following data at the end of 2016: FIVE POINTS Net sales revenue Cost of goods sold Operating expenses Income tax rate $1,100,000 500,000 240,000 25% Determine the company's return on sales (rounded) Aria Topic: Accounts Receivable Aging Method FIVE POINTS 11. Victoria Market reports the following analysis of potential losses in its accounts receivable: Receivable Estimated Loss Age Past Due 0-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Balance $44,800 20,000 12,000 2.200 $79,000 0 , 5% .. 1.8% 4.3% 45.5% The balance of Allowance for Doubtful Accounts is $400 credit balance on December 31, 2016 prior to adjustments Required: a. Compute bad debts expense that will be recorded for 2016. b. What is the amount of net accounts receivable to be reported on Victoria Market's December 31, 2016 balance sheet? 12. BUSINESS DECISION PROBLEM for Virginia Inc. FIFTEEN POINTS 201620172018 S8.800 $7800$2500 Current Assets Total Assets Current Liabilities Total Liabilities Retained Earnings Net Sales Cost of Goods Sold Net Income $12,000 $11,500 $8,300 $3,000 $2,000 $1,000 6,100 $5,300 $3,300 $4,000 $3,800 $400 18,000 $14,000 $13,000 $5,000 $7,000$6,000 6,000 4,000 $2,000 a. Calculate current ratio, debt-to-total-assets ratio, return on sales for each year. b. Comment on Virginia Inc's liquidity, Solvency, and Profitability c. W b. ould you lend money to Virginia provide reasons from what you determined per a and