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Transactions for Accounting Cycle Quiz Snow, Sun and Fun Inc. is a business operating in Canada and several northern areas of the US. During the winter they sell snow removal equipment - shovels, ice meltete. In the summer they sell pool maintenance equipment as well as gear for kayaks and canoes. They began their operations on January 1, 2017. Please prepare a set of financial statements for the first month of operations. You will use the quiz on the Coursera site to answer several questions about key accounts 1) Shareholders contributed $125,000 in exchange for their common stock. 2) SSF signed a lease for its warehouse and offices, paying $18,000 in advance for occupancy of six months. 3) SSF acquired a forklift and storage fixtures. They paid $20,000 in cash and agreed to pay another $28,000 in three years (ignore interest). The equipment is expected to last 4 years (48 months). 4) SSF paid $210,000 to purchase shovels and snow removal items for resale. All items were purchased on account with payment due in three months or less. 5) Sales of $260,000 were made on account. The merchandise had originally cost $180,000. 6) Collections of $150,000 were made from customers. Payments of $140,000 were made to suppliers. 7) Employees earned $5,000 in wages for the month of January. The company uses electronic deposits, so amounts for paychecks are transferred into the employee's accounts on the last day of the month when wages were carned. 8) Paid a dividend of $15,000 to the shareholders. Q1 Your responses to all questions on this quiz should be based on the financial statements you have created for Snow, Sun and Fun Inc. The instructions and the transactions are included in the readings that proceeded this quiz. All numeric answers should be provided in thousands. That is $10,000 would be written as 10 or $260,000 would be written as 260. First question, what is the cash balance as of the end of the month? (Note - for all questions asking for numerical answers, write the number only, no dollar sign ($)) Ans: What is total current assets? Ans What is total assets? Ans What is total liabilities? Ans What is total stockholders equity? Ans What is retained earnings? Ans: What is net income? Ans What is the difference between the balance sheet and the income statement? _What do we call the process of reconciling the balance sheet and the income statement? Q2 For the next couple of questions, you will be asked to determine when a company has met the criteria to recognize revenue. There is always judgment involved and the brevity of these questions may leave some uncertainty. If in doubt, make the simplest assumption possible. Now let's do the first question You own a barber shop. On Monday a customer makes an appointment for a hair cut on Tuesday They come in as scheduled on Tuesday, get the haircut, pay cash and leave. You recognize revenue as soon as the customer pays. You recognize revenue as soon as the customer sets the appointment up. They are a good customer and always show up You recognize revenue as soon as the customer is in the chair. You have always finished cuts once you start Q3 You own a company that bakes cakes. You are famous for your "Maize and Blue Delight". You can bake about 25 per day. You only bake cakes when an order was received. You deliver 100 cakes to a customer you have had for many years. They have always paid on time. You have a no returns policy once delivered Recognize revenue as soon as the cakes are baked. You already have the order and it is a good customer Recognize revenue once you are paid Recognize revenue at the time of delivery. 4. Question You still own the cake company with the famous "Maize and Blue" cakes. In fact, that cake was just voted the best cake in the country in a national newspaper. All that publicity has led to orders from new customers around the country You see a chance to break into some new markets and have just delivered 200 cakes to a new client several hundred miles away. You think this is a potential for real growth as the new client has been expanding quickly, going from one store to fifteen in the last year. Given the opportunity to become a supplier to what may eventually be a huge customer, you agreed to give them 90 days to pay you instead of your normal 15 day terms. Recognize revenue when delivered Recognize revenue as soon as the cakes are baked Recognize revenue once you are paid. Q5 You run a computer repair and technology company You had three clients today. The first client wanted help with upgrading their wifi system. You had all the parts you needed on your truck and were able to get all the upgrades done during your visit. They paid cash of $300 for your time and the materials you used. The second client wanted a similar upgrade, which you also were able to do today. They happen to be your parts supplier. Instead of paying you, they forgave the $200 you owe them. The final client wanted you to repair their computer. You did not have the correct parts, but ordered them and took the computer back to the shop with you. It is a specialized part that you will not be able to use if this client does not take it, so you asked them to pay in advance. They agreed and gave you $150 cash. How much revenue should you recognize for today? Answer: 06 Baz corp. is a jewelry company that sells custom rings. At the beginning of the year, their customers owed them $2,500,000 but they estimated about $300,000 would not actually be collected. At the end of the year, their customers owed them $2,550,000 and estimated $550,000 would not be collected. What amount would they present for accounts receivable on their year end balance sheet? Ans Q7 Continuing with Baz corp, recall at the beginning of the year, their customers owed them $2,500,000 and they had an allowance for doubtful accounts of $300,000. At the end of the year, their customers owed them $2.550.000 and they had an allowance for doubtful accounts of $550,000. What was bad debt expense for this year? Ans Q8 Your friend Nayana owns a bookstore. Last year was her first year of operations. At the end of the year she had 50 books, for which she had paid $15 each. During the year she purchased another 200 books, but they cost $20 each. At the end of the year she has 60 books left. What is her Q 9 Sticking with Nayana's book store, what amount would the balance sheet show for inventory if she applied FIFO as her accounting assumption? Q10 Using the same information from Nayana's bookstore, what would the cost of goods sold be if she decided to use LIFO as her inventory costing assumption? Q11 Using the same information from Nayana's bookstore, what would the ending inventory balance be if she decided to use LIFO as her inventory costing assumption? Transactions for Accounting Cycle Quiz Snow, Sun and Fun Inc. is a business operating in Canada and several northern areas of the US. During the winter they sell snow removal equipment - shovels, ice meltete. In the summer they sell pool maintenance equipment as well as gear for kayaks and canoes. They began their operations on January 1, 2017. Please prepare a set of financial statements for the first month of operations. You will use the quiz on the Coursera site to answer several questions about key accounts 1) Shareholders contributed $125,000 in exchange for their common stock. 2) SSF signed a lease for its warehouse and offices, paying $18,000 in advance for occupancy of six months. 3) SSF acquired a forklift and storage fixtures. They paid $20,000 in cash and agreed to pay another $28,000 in three years (ignore interest). The equipment is expected to last 4 years (48 months). 4) SSF paid $210,000 to purchase shovels and snow removal items for resale. All items were purchased on account with payment due in three months or less. 5) Sales of $260,000 were made on account. The merchandise had originally cost $180,000. 6) Collections of $150,000 were made from customers. Payments of $140,000 were made to suppliers. 7) Employees earned $5,000 in wages for the month of January. The company uses electronic deposits, so amounts for paychecks are transferred into the employee's accounts on the last day of the month when wages were carned. 8) Paid a dividend of $15,000 to the shareholders. Q1 Your responses to all questions on this quiz should be based on the financial statements you have created for Snow, Sun and Fun Inc. The instructions and the transactions are included in the readings that proceeded this quiz. All numeric answers should be provided in thousands. That is $10,000 would be written as 10 or $260,000 would be written as 260. First question, what is the cash balance as of the end of the month? (Note - for all questions asking for numerical answers, write the number only, no dollar sign ($)) Ans: What is total current assets? Ans What is total assets? Ans What is total liabilities? Ans What is total stockholders equity? Ans What is retained earnings? Ans: What is net income? Ans What is the difference between the balance sheet and the income statement? _What do we call the process of reconciling the balance sheet and the income statement? Q2 For the next couple of questions, you will be asked to determine when a company has met the criteria to recognize revenue. There is always judgment involved and the brevity of these questions may leave some uncertainty. If in doubt, make the simplest assumption possible. Now let's do the first question You own a barber shop. On Monday a customer makes an appointment for a hair cut on Tuesday They come in as scheduled on Tuesday, get the haircut, pay cash and leave. You recognize revenue as soon as the customer pays. You recognize revenue as soon as the customer sets the appointment up. They are a good customer and always show up You recognize revenue as soon as the customer is in the chair. You have always finished cuts once you start Q3 You own a company that bakes cakes. You are famous for your "Maize and Blue Delight". You can bake about 25 per day. You only bake cakes when an order was received. You deliver 100 cakes to a customer you have had for many years. They have always paid on time. You have a no returns policy once delivered Recognize revenue as soon as the cakes are baked. You already have the order and it is a good customer Recognize revenue once you are paid Recognize revenue at the time of delivery. 4. Question You still own the cake company with the famous "Maize and Blue" cakes. In fact, that cake was just voted the best cake in the country in a national newspaper. All that publicity has led to orders from new customers around the country You see a chance to break into some new markets and have just delivered 200 cakes to a new client several hundred miles away. You think this is a potential for real growth as the new client has been expanding quickly, going from one store to fifteen in the last year. Given the opportunity to become a supplier to what may eventually be a huge customer, you agreed to give them 90 days to pay you instead of your normal 15 day terms. Recognize revenue when delivered Recognize revenue as soon as the cakes are baked Recognize revenue once you are paid. Q5 You run a computer repair and technology company You had three clients today. The first client wanted help with upgrading their wifi system. You had all the parts you needed on your truck and were able to get all the upgrades done during your visit. They paid cash of $300 for your time and the materials you used. The second client wanted a similar upgrade, which you also were able to do today. They happen to be your parts supplier. Instead of paying you, they forgave the $200 you owe them. The final client wanted you to repair their computer. You did not have the correct parts, but ordered them and took the computer back to the shop with you. It is a specialized part that you will not be able to use if this client does not take it, so you asked them to pay in advance. They agreed and gave you $150 cash. How much revenue should you recognize for today? Answer: 06 Baz corp. is a jewelry company that sells custom rings. At the beginning of the year, their customers owed them $2,500,000 but they estimated about $300,000 would not actually be collected. At the end of the year, their customers owed them $2,550,000 and estimated $550,000 would not be collected. What amount would they present for accounts receivable on their year end balance sheet? Ans Q7 Continuing with Baz corp, recall at the beginning of the year, their customers owed them $2,500,000 and they had an allowance for doubtful accounts of $300,000. At the end of the year, their customers owed them $2.550.000 and they had an allowance for doubtful accounts of $550,000. What was bad debt expense for this year? Ans Q8 Your friend Nayana owns a bookstore. Last year was her first year of operations. At the end of the year she had 50 books, for which she had paid $15 each. During the year she purchased another 200 books, but they cost $20 each. At the end of the year she has 60 books left. What is her Q 9 Sticking with Nayana's book store, what amount would the balance sheet show for inventory if she applied FIFO as her accounting assumption? Q10 Using the same information from Nayana's bookstore, what would the cost of goods sold be if she decided to use LIFO as her inventory costing assumption? Q11 Using the same information from Nayana's bookstore, what would the ending inventory balance be if she decided to use LIFO as her inventory costing assumption