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For this exam, omit all general journal entry explanations. Ensure to include correct dollar signs, commas, underlines & double underlines where required. Question 1: 40% points: Brando Company's December 31, 2014 trial balance is as follows: Brando Corporation Trial Balance December 31, 2014 Account Debit $43,500 53,500 1,500 30,000 55,000 20,000 150,000 Credit Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Merchandise Inventory Land Building Accumulated Depreciation, Building $15,000 Equipment 50,000 Accumulated Depreciation, Equipment 21,000 Goodwill 26,000 Accounts Payable 25,000 Long Term Notes Payable 75,000 Common Stock, $10 par, 2,000 shares authorized & outstanding 20,000 Retained Earnings 147,000 Sales Revenue 700,000 Salaries Expense 150,000 Utilities Expense 3,500 Cost of Goods Sold 350,000 Administrative Expenses 55,000 Sales Expenses 15,000 _______ Totals $1,003,000 $1,003,000 Brando is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded. Additional Information: a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014. b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually. c. Building is depreciated at 3% per year. There is no salvage value. d. Equipment is depreciated at 15% year. There is no salvage value. e. Brando discovered, on December 30th, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue. f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss. g. Salaries for the last half of December, payable in January, amount to $5,500. h. Brando estimates that of the Accounts Receivable 5% will not be collectable. Required: a. Prepare in journal form, any required correcting entries b. Prepare in journal form, all end-of-the period adjusting entries c. Prepare a December adjusted trial balance d. Prepare a classified balance sheet for the year ended December 31, 2014 e. Prepare in journal form, the closing entries for the year ended December 31, 2014 NOTE: Students are encouraged to prepare their own T-accounts, on a separate scratch sheet of paper, and track from the beginning balance thru all journal transactions to ending balances for all accounts used in this problem. Do not turn in your separate scratch sheet of paper - those are student personal working papers and not part of any solution required for this exam. Question 2: 8% points: Inventory Brando uses the period method and had the following inventory events during January: Units Purchased Unit Cost Units Sold Unit Sales Price Jan. 1 150 $7.00 Jan. 2 100 $10.00 Jan. 5 225 7.20 Jan. 7 125 10.00 Jan. 10 100 7.50 Jan. 12 75 12.00 Jan. 15 150 7.80 Jan. 17 200 12.50 Jan. 20 200 7.95 Jan. 24 150 15.00 Jan. 25 150 8.00 Date Date Jan. 30 75 8.20 Note: January 1 amount was the beginning inventory and unit value. (Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.) Required: a. Calculate cost of goods available for sale. b. Calculate the dollar value of sales. c. Calculate the value of Ending Inventory and Cost of Good Sold under the following independent assumptions: 1) LIFO method 2) FIFO method 3) Average-cost method Question 3: 7% points: Required: Prepare Tony's Supply Co. general journal entries for the following transactions: Jan. 1 Accepted Hannah's 120 days, 10% note, as settlement of an outstanding $15,000 account receivable for goods sold last year Jan. 15 Purchased $10,000 Equipment from Brando, signing a 9 month, 12% note Jan. 25 Loaned Max Co. $30,000 cash, accepting a 90 days, 10% note Jan. 31 Prepared accrual adjusting entry for any interest revenue Apr. 25 Received payment in full from Max Co. for outstanding note & interest May 1 Received payment in full from Hannah Co. for outstanding note & interest Oct. 15 Paid Brando in full Question 4: 9% points: Brando Company purchased a refrigerated delivery truck for $65,000 on April 1, 2016. The plan is to use the truck for 5 years and then replace it. At the end of its useful life the truck is expected to have a salvage value of $10,000. a. Prepare the depreciation table for Brando's truck assuming that the company uses the straight-line method for depreciation. b. Prepare the depreciation table for Brando's truck assuming that the company uses the double-declining-balance depreciation method. c. Compute the depreciation expense for 2016 for Brando's truck assuming the truck has an expected life of 200,000 miles and during 2016 the truck was driven 24,540 miles. Round your depreciation expense per mile to three decimal places. Question 5: 7% points: Tony Company has a January 15 mid-month gross salaries expense of $25,000. All is subject to FICA Social Security (6.2%), FICA Medicare (1.45%), state income tax (5%) and federal income tax (15%) withholdings. Additionally, all is subject to employer taxes to include FUTA (0.8%) and SUTA (5.4%) taxes. (Round all calculations to the nearest penny.) Required: a. Prepare the general journal entry to record the employer's payroll liability. b. Prepare the general journal entry to record the employer's payroll tax liability. c. Prepare the general journal entry to liquidate the liabilities accrued in parts (a) and (b) on January 22. Question 6: 4% points: Tony Company at the end of the fiscal 2014 year has the following information: Credit Sales, $2,500,000 Sales Returns & Allowances $25,000 Accounts Receivable $200,000 and Allowance for Doubtful Accounts with a debit o $1,500. Required: a. Prepare the general journal entry to record the end of the year adjusting entry if Tony uses 0.5% of Net Credit Sales as the basis for determining Bad Debt Expense. b. Prepare the general journal entry to record the end of the year adjusting entry if Tony uses 5% of Accounts Receivable as the basis for determining Bad Debt Expense