Answer these accountingjournal entries. Use the file I attached and show work.

Directions: This Exam tests how well you understood the concepts covered in Weeks 1 - 7. The final exam contains two sections: (1) The first half of the exam features 7 questions with short answers and calculations. You must complete this se Excel file. All 7 questions are under the 2nd tab (Page down to see all questions). Please show all calculations to Partial credit will be given based on the backup. When you are done, please submit the completed Excel file in Leo under the "Assignments" tab, in the "Final Exa submit any other file or format. (When you save this file, just add your name to the existing file name) (2) The second half of the exam consists of 20 multiple-choice questions worth 1 point each. You will complete th Leo. When you are done, the computer will automatically grade the multiple-choice questions, but grading will no 2-3 days after the exam due date - when your professor finishes manually grading the problems. You can take the final exam only once. You can save each question after answering, and you can save the exam grading is done (2-3 days after the exam due date), you will be able to see your score details and answers in Leo Grades. Question 1: 30% points: On December 31, 2014, Rayco Incorporated, had the following balances (all balances are normal): Accounts Preferred Stock - 5% non cumulative, $100.00 par value, Shares Authorized: Common Stock $10.00 par value, Shares Authorized: Paid-in Capital in Excess of par, Common Retained Earnings The following events occurred during 2014 and were not recorded: a. On January 1, Rayco declared a stock dividend of 6% on its common stock when the market value the common stock wa $14.00 per share. Stock dividends were distributed on January 31 to shareholde b. On February 15, Rayco reacquired 1,050 shares of common stock for $21.00 c. On March 31, Rayco reissued 300 shares of treasury stock for $24.00 d. On July 1, Rayco reissued 550 $15.50 shares of treasury stock for e. On October 1, Rayco declared full year dividends for preferred stock and $1.55 and paid shareholders on October 15. f. One December 15, Rayco split common stock 2 shares for 1. g. Net Income for 2014 was $270,250 Requirements: a. Prepare journal entries for the transactions listed above. b. Prepare a Stockholders' section of a classified balance sheet as of December 31, 2014. Answer Sheet (Please put your final answers here) a. General Journal Entries: Date Account Jan. 1 Jan. 31 Feb. 15 Mar. 31 (Please show your calcu Debit Credit Jul. 1 Oct. 1 Oct. 15 Dec. 15 Dec. 31 b. Partial Classified Balance Sheet: Rayco Corporation Balance Sheet (partial) 31-Dec-14 Stockholders' Equity: Question 2: 5% points: On January 1, 2014, XYZ Company purchased 10,000 shares of the stock of Rayco, and did obtain significant in The investment is intended as a long-term investment. The stock was purchased fo $95,000 In 2014, Rayco made net income of $26,000 and paid dividends of $11,000 The price of Rayco's stock increased fro $11.00 per share at the beginning of the year, to Requirements: a. Prepare the January 1 & December 31 general journal entries for XYZ Company. b. How much should the XYZ Company report on the balance sheet for the investment in Rayco as the end of 20 Answer Sheet (Please put your final answers here) a. General Journal Entries: Date Account Jan. 1 (Please show your calcu Debit Dec. 31 Dec. 31 b. Stock Investments Accounts Balance 12/31/14: >>>>>>> Credit Question 3: 10% points: The following is selected information from Rayco Company for the fiscal years ended December 31, 2014: Net income 1,235,000 Depreciation 515,000 Purchase of plant assets 1,275,000 Disposal of plant assets 505,000 , which resulted in a gain of 52,500 Stock was issued in exchange for an outstanding note payable of 715,000 Accounts receivable decreased by 26,000 Accounts payable decreased by 41,000 Dividends were paid to shareholders 305,100 Flimsy Company had interest expense of 52,050 175,000 Cash balance on January 1, 2014 was Requirements: Prepare Rayco Company's statement of cash flows for the year ended December 31, 2014 using t Answer Sheet (Please put your final answers here) Statement of Cash Flow Rayco Corporation Statement of Cash Flows For the Year Ended December 31, 2014 Cash Flows from Operating Activities: Cash Flows from Investing Activities: Cash Flows from Financing Activities: (Please show your calcu Increase/(Decrease) in Cash Cash at Beginning of Period Cash at End of Period Noncash investing & financing activities: Question 4: 15% points: Rayco Corporation had the following bond transactions during the fiscal year 2014: a) On January 1: issued ten (10), $1,000 bonds at 101 The 5-year bonds, is dated January 1, 2014. The contract interest rat 5.0% Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1. b) On July 1: Rayco Corporation issued $500,000 of 9.0% , 10-year bonds. The bonds dated January 1, 2014 were issued at 89 , and pay interest on July 1 and January 1. Effective interest rate method is used for these bonds i11.5% c) On October 1: issued 10-year bonds $10,000 face value bonds for ca $11,250 The bonds have a stated rate of 8%, but an effective rate of 7.0% Effective-interest method is used. Interest is payable on October 1 and April 1. Requirements: Prepare all general journal entries for the three bonds issued and any interest accruals and payme (Round all calculations to nearest whole dollar. Must show all calculations - below line 48) Answer Sheet (Please put your final answers here) (Please show your calcu General Journal Entries: Date Account Jan. 1 Debit Credit Jul. 1 Jul. 1 Oct. 1 Dec. 31 Dec. 31 Dec. 31 Question 5: 10% points: XYZ company has the following accounting information: Sales $10,300 (quantity 100 , unit price Manufacturing costs consisted of the following: Direct labor $1,600 Direct materials $1,450 Variable factory overhead $1,050 Fixed factory overhead $560 The company did not maintain any inventories, so total cost of goods sold was $4,660 Selling expenses $1,800 (variable $650 , fixed Administrative expenses $1,650 (variable $550 , fixed Operating income $2,190 (Round all final answers to nearest dollar or whole number.) Requirements: (Must show all calculations - below line 34) a. What is the breakeven point in sales dollars and in units if the fixed factory overhead increas b. What is the breakeven point in sales dollars and in units if costs remain as originally projected? c. What would be the operating income be if sales units increased by27% Answer Sheet (Please put your final answers here) (Please show your calcu a.1. a.2. Breakeven Sales Dollars Breakeven Units $ b.1. b.2. Breakeven Sales Dollars Breakeven Units $ Operating Income $ c. Question 6: 5% points: XYZ manufactures footballs. The forecasted income statement for the year before any special orders included: Sales is projected at $4,235,000 (total), Manufacturing cost of goods sold is anticipated to be $3,300,000 Selling expenses are expected to be $320,000 Operating income is projected at $506,000 Fixed costs included in the above forecasted amounts are: Manufacturing cost of goods sold $1,250,000 Selling expenses $110,000 Rayco is offering a special order to buy 52,000 footballs for $7.50 each. There will be no additional selling expenses, and sufficient capacity exists to manufacture the extra f Requirements: Prepare an incremental analysis schedule to demonstrate by what amount would operating incom decreased as a result of accepting the special order. (Must show all calculations - below line 29) Answer Sheet (Please put your final answers here) (Please show your calcu XYZ Enterprises Incremental Analysis Special Order Question 7: 5% points: RSW Company manufactur 110,000 units of widgets for use in its annual production. Costs are: Direct materials $21,500 Direct labot $55,100 Variable overhead $43,500 Fixed overhead $71,500 Alternatively, Rayco Company has offered to sell Flop 10,000 units of widgets for: $18.20 If RSW accepts the offer, some of the facilities presently used to manufacture widgets could be rented to a third p Additionally, $4.30 per unit of the fixed overhead applied to widgets would be totally eliminated. Requirements: Prepare an incremental analysis schedule to demonstrate if RSW should accept Rayco's offer. (M Answer Sheet (Please put your final answers here) (Please show your calcu RSW Company Incremental Analysis To Produce or Buy Produce Buy s are normal): 50,000 200,000 Issued: Issued: 11,000 105,000 Amount $1,100,000 $1,050,000 $150,000 $700,000 tock when the market value of on January 31 to shareholders as of January 25. each. each. each. cash dividends for outstanding common shares (Please show your calculations under column H - L. ) Please do not write pass column L) R/E balance 0 and did obtain significant influence. , and represents a 31% $11.50 ownership stake. per share at the end of the year. nt in Rayco as the end of 2014 (Please show your calculations under column H - L. ) Please do not write pass column L) d December 31, 2014: d December 31, 2014 using the indirect method. (Please show your calculations under column H - L. ) Please do not write pass column L) y 1 and July 1. t on July 1 and January 1. y interest accruals and payments for the fiscal year 2014. ations - below line 48) (Please show your calculations under column H - L. ) Please do not write pass column L) $103 ) $1,150 $1,100 ) ) $1,750 ? ly projected? (Please show your calculations under column H - L. ) ny special orders included: (per unit). $11.00 Please do not write pass column L) ts to manufacture the extra footballs. mount would operating income be increased or ow line 29) (Please show your calculations under column H - L. ) tion. Costs are: per unit, s could be rented to a third party at an annual rental $16,000 totally eliminated. Please do not write pass column L) ould accept Rayco's offer. (Must show all calculations - below line 35) (Please show your calculations under column H - L. ) Please do not write pass column L) a R/E balance 700,000 700,000 0 Question 1 2 3 Max 30 5 10 Your Score 0 0 0 4 5 6 7 Total 15 10 5 5 80 0 0 0 0 0 (Note: please do not write on this page.) A