Hello, can someone please help me answer the question attached. Thank you!

This quiz covers the material from Weeks 5 and 6. Make sure you have reviewed all of that content before This exam has two parts: 1) Part one: contains 25 multiple choice questions, each worth 1 points. You must take complete this section onli Content, Week 8) You can take the quiz only once. You can save each question after answering, and you can save the quiz befo 2) Part two: contains problems which are journal entries and fill-in-the-blank type of questions. You professor has via email. You should complete this Excel file offline and submit it in LEO under the "Assignments" tab when you finish. Please Note: (must do's) a. Only work on the file which your professor sent you. Do not use anyone else's file because you will not get and marked.) b. Please use the answer template provided in the Excel file. Do not reformat the template or add extra tabs. c. Do not put any part of your answer to the right of Column J. You can (optional) use the "Calculations (Not G purpose. d. When you finish, please save the file under the same file type - Excel. Do not change the file type. Additiona Name" (currently in the file name) with your name. Final Exam P1 The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporati Weed Corporation and Grass Enterprises, are presented below for 2017. Determine the missing amounts. Assume all changes in stockholders' equity are due to changes in retained earning Weed Corporation Beginning of year Total assets Total liabilities Total stockholders' equity End of year Total assets Total liabilities Total stockholders' equity Changes during year in retained earnings Dividends Total revenues Total expenses Grass Enterprises $100,000 60,000 $ (a) $ (b) 110,000 50,000 $ (c) 210,000 160,000 Instruction: Please put your answers in below: (a) (b) (c) (d) (e) (f) P2 The Tree Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on May 31. Tree Hotel Trial Balance 31-May-17 Cash Supplies Prepaid Insurance Land Buildings Equipment Accounts Payable Unearned Rent Revenue Mortgage Payable Common Stock Rent Revenue Salaries and Wages Expense Utilities Expense Debit $ 2,433 2,600 1,800 14,933 67,600 16,800 Credit $ 4,633 3,300 33,600 59,933 9,000 3,000 800 Advertising Expense 500 $110,466 $110,466 Other data: 1 Insurance expires at the rate of $450 per month. 2 A count of supplies shows $1,080 of unused supplies on May 31. 3 (a) Annual depreciation is $3,960 on the building. (b) Annual depreciation is $3,360 on equipment. 4 The mortgage interest rate is 5%. (The mortgage was taken out on May 1.) 5 Unearned rent of $2,570 has been earned. 6 Salaries of $790 are accrued and unpaid at May 31. a) Journalize the adjusting entries on May 31. (If no entry is required, select "No Entry" for the account titles and e (please feel free to add more rows as needed) Date Account Titles Debit Credit b) Prepare an income statement for the month of May. (please feel free to add more rows as needed) Tree Hotel Income Statement (Please fill in the date/period) c) Prepare a retained earnings statement for the month of May. (please feel free to add more rows as needed) Tree Hotel Retained Earnings Statement (Please fill in the date/period) Prepare a "classified" balance sheet at May 31. (please feel free to add more rows as needed) d) Tree Hoel Balance Sheet (Please fill in the date/period) Assets Liabilities & Stockholders' Equity P3 Woodward Industries is a retailer. Assume that there are no credit transactions; all amounts are settled in cash. The fo Unit Cost or Date Description Quantity Selling Price Dec. 31 Ending inventory $163 $18 Jan. 2 Purchase 95 20 Jan. 6 Sale 164 42 Jan. 9 Purchase 70 22 Jan. 10 Sale 45 47 Jan. 23 Purchase 90 23 Jan. 30 Sale 117 50 a) Please calculate (fill in the blanks) GOCS and Ending Inventory using various inventory methods, under the perpe Please put your final answers in the designated cells below. You can you the next tab (worksheet) for calculation COGS Perpetual P4 Ending Inventory FIFO LIFO Weighted Average Presented below is an aging schedule for Yellowbird, Inc.. Customer Total Not Yet Due Aneesh Bird Cope DeSpears Others $25,300 $28,400 $50,800 $38,000 $119,500 $262,000 Estimated percentage uncollectible Total estimated ba $ 41,833 1-30 $ 9,600 $28,400 $5,500 $5,200 $75,200 $109,100 3% $ 3,273 $31,800 $46,600 7% $3,262 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,800. a) Journalize the adjusting entry for bad debts at December 31, 2016. Date Account Titles Debit Credit b) Journalize the following 2017 transactions: 1. March 1, a $540 customer balance originating in 2016 is judged uncollectible. 2. May 1, a check for $540 is received from the customer whose account was writen of as uncollectible on March 1. 3. December 31, journalize the adjusting entry for bad debts, assuming that the unadjusted balance in Allowance for the aging schedule indicates that total estimated bad debts will be $35,100. Date P5 Account Titles Debit Credit Bluejay Company purchased a new machine on October 1, 2017, at a cost of $104,000. The company estimated that t The machine is expected to be used for 80,000 working hours during its 8-year life. Compute depreciation using the following methods in the year indicated. 1 Compute the amount of depreciation expense for the year ended December 31, 2016, using the straight-line meth 2 If 18,000 units of product are produced in 2016 and 26,000 units are produced in 2017, what is the book value of t company uses the units-of-activity depreciation method. 3 If the company uses the double-declining-balance method of depreciation, what is the balance of the Accumulated December 31, 2019? Please place your final answers in the boxed below (Do not to the right of column J): 1 Straight-line method: Straight-line for 2017 and 2018, assuming a December 31 year-end. 2 Double-declining-balance method: Declining-balance using double the straight-line rate for 2017 and 2018. 3 Double-declining-balance method: Units-of-activity for 2017, assuming machine usage was 2,900 hours. (Round depreciation per unit to the nearest cent.) P6 The stockholders' equity section of Birdman Corp.'s balance sheet at December 31 is presented here. Birdman Corp. Balance Sheet (partial) Stockholders' equity Paid-in capital Preferred stock, cumulative, 10,000 shares authorized, 6,000 shares issued and outstanding $ 612,000 Common stock, no par, 735,776 shares authorized, 569,000 shares issued 2,276,000 Total paid-in capital 2,888,000 Retained earnings 1,164,000 Total paid-in capital and retained earnings 4,052,000 Less: Treasury stock (5,200 common shares) 27,733 Total stockholders' equity $4,024,267 From a review of the stockholders' equity section, answer the following questions: (a) How many shares of common stock are outstanding? Common stock outstanding shares (b) Assuming there is a stated value, what is the stated value of the common stock? The stated value of the common stock per share (c) What is the par value of the preferred stock? The par value of the preferred stock per share (d) If the annual dividend on preferred stock is $48,960, what is the dividend rate on preferred stock? The dividend rate % (e) If dividends of $72,700 were in arrears on preferred stock, what would be the balance reported for retained earning The Retained Earnings balance P7 On January 1, Canary Corporation had 62,800 shares of no-par common stock issued and outstanding. The stock has year, the following transactions occurred. Apr. 1 Jun. 15 Jul. 10 Dec. 1 Dec. 15 Issued 17,550 additional shares of common stock for $11 per share. Declared a cash dividend of $1.55 per share to stockholders of record on June 30. Paid the $1.55 cash dividend. Issued 7,800 additional shares of common stock for $12 per share. Declared a cash dividend on outstanding shares of $2.05 per share to stockholders of record on Dec (a) Prepare the entries, if any, on each of the three dates that involved dividends. (Record journal entries in the orde credit accounts. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles Debit Credit (Please do not write beyond column J) rnings statement for two corporations, due to changes in retained earnings. Grass Enterprises $140,000 $ (d) 65,000 170,000 50,000 $ (e) 4,000 $ (f) 75,000 adjustment on May 31. ut on May 1.) Entry" for the account titles and enter 0 for the amounts. ) ore rows as needed) to add more rows as needed) ows as needed) amounts are settled in cash. The following information for the month of January 2017. ventory methods, under the perpetual costing system: ext tab (worksheet) for calculation purposes. Ending Inventory Gross Profit Note: Gross Profit = Revenue - COGS Number of Days Past Due 31-60 61-90 $15,700 Over 90 $40,100 $38,000 $12,500 $28,200 13% $3,666 nts is a credit of $8,800. $40,100 23% $ 9,223 $38,000 59% $22,420 en of as uncollectible on March 1. nadjusted balance in Allowance for Doubtful Accounts is a debit of $1,500 and 000. The company estimated that the machine has a salvage value of $8,000. , 2016, using the straight-line method of depreciation. n 2017, what is the book value of the equipment at December 31, 2017? The t is the balance of the Accumulated DepreciationEquipment account at 2017 2018 s presented here. preferred stock? ance reported for retained earnings? ed and outstanding. The stock has a stated value of $4 per share. During the cord on June 30. e to stockholders of record on December 31. (Record journal entries in the order presented in the problem. Pleasea indent and enter 0 for the amounts.)