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Part A - Unit 1 - The Accounting Cycle 1. Journalize the following business transactions in general journal form (use the General Journal Form provided). Identify each transaction by number. You may omit explanations of the transactions. No dates are provided, so just number each transaction. (10 marks) 1. The owner invests $35,000 in cash in starting a real estate office operating as a sole proprietorship. 2. Purchased $400 of office supplies on credit. 3. Purchased office equipment for $6,000, paying $2,500 in cash and signed a 30-day, $3,500, note payable. 4. Real estate commissions billed to clients amount to $4,000. 5. Paid $700 in cash for the current month's rent. 6. Paid $200 cash on account for office supplies purchased in transaction 2. 7. Received a bill for $500 for advertising for the current month. 8. Paid $2,200 cash for office salaries. 9. The owner withdrew $1,200 from the business for living expenses. 10. Received a cheque for $3,000 from a client in payment on account for commissions billed in transaction 4. 3 DATE Page 2 of 12 GENERAL JOURNAL PARTICULARS P.R. DEBIT PAGE CREDIT C Page 3 of 12 2. The trial balance of S.P. Waters on April 30, 2022, after a fiscal period of one year, is shown below. Complete this six-column work sheet, then prepare the income statement and classified balance sheet. (5 marks) Balance Sheet Trial Balance Income Statement Accounts DR CR Bank Accounts Receivable Supplies Equipment Automobiles Bank Loan Accounts Payable GST Payable GST Recoverable S.P. Waters, Capital S.P. Waters, Drawings Commissions Earned Advertising Expense Car Expense Miscellaneous Expense Rent Expense Telephone Expense Utilities Expense Wages Expense DR 10 502 1502 415 150 3 570 1 420 300 15 000 5 690 2 140 350 12 000 1 750 850 15 940 70 077 CR 4 000 685 450 9 942 55 000 70 077 DR CR a) Page 4 of 12 Income Statement.... Use proper form! (5 marks) Page 5 of 12 b) Classified Balance Sheet .... Use proper form! (10 marks) Page 6 of 12 3. On March 31, 2021, account balances after adjustments for Maddux Cinema are as follows: Accounts Account Balances (After Adjustment) $ 6,000 Cash Concession Supplies 4,000 Theatre Equipment 50,000 Accumulated Amortization-Theatre Equipment 12,000 Accounts Payable 5,000 Maddux, Capital 20,000 Maddux, Drawings 12,000 60,000 37,000 Admission Ticket Revenues Popcorn Revenues Candy Revenues Advertising Expense 19,000 12,000 Concession Supplies Expense 19,000 Amortization Expense 4,000 16,000 Film Rental Expense Rent Expense Salaries Expense 12,000 13,000 Utilities Expense 5,000 Instructions: a) Prepare the closing journal entries for Maddux Cinema on March 31. (7 marks) GENERAL JOURNAL PAGE DATE PARTICULARS P.R. DEBIT CREDIT Page 7 of 12 (4 marks) b) Prepare a post-closing trial balance. Accounts Debits Credits 4. The account balances appearing on the trial balance (next page) were taken from the general ledger of Giovanni's Copy Shop on September 30, 2021. Additional information for the month of September which has not yet been recorded in the accounts is as follows: (a) A physical count of supplies indicates $400 on hand at September 30. (b) The amount of insurance that expired in the month of September was $200. Amortization on equipment for September was $400. (c) (d) Rent owed on the copy shop for the month of September was $600 but will not be paid until October. (e) Salaries owed for the last week of September were $3500, but won't get paid until the next pay period in October Instructions Using the above information, complete the journal entries for the adjustments on the following page for Giovanni's Copy Shop for the month of September. DATE Page 8 of 12 PARTICULARS P.R. DEBIT (10 marks) CREDIT Page 9 of 12 Part B - Unit 2- Accounting for Assets (Amortization) the Tolbert Company purchased equipment on January 1, 2020, for $60,000. It is estimated that equipment will have a $5,000 residual value at the end of its 5-year useful life. It is also estimated that the equipment will produce 100,000 units over its 5-year life. Instructions: Answer the following independent questions. a) Calculate the amount of amortization expense for the year ended December 31, 2020, using the straight-line method of amortization. (2 marks) b) The company uses the units-of-activity amortization method. Given that 16,000 units of product are produced in 2020 and 24,000 units are produced in 2021, calculate the amount of amortization expense for the years ended 2020 and 2021. What is the book value of the equipment at December 31, 2021? (7 marks) Alle mous 290 35 331 Page 10 of 12 Part C-Unit 3- Inventory Control available: vequire Company uses the periodic inventory method and had the following inventory information Units Total Cost Unit Cost 1/1 Beginning Inventory 100 $ 400 $4 1/20 Purchase 7/25 Purchase 2,000 400 $5 200 $7 1,400 10/20 Purchase 300 $8 2,400 1.000 $6,200 A physical count of inventory on December 31 revealed that there were 400 units on hand. Instructions: Answer the following independent questions and show calculations supporting your answers. a) Assume that the company uses the FIFO method. Calculate the value of the ending inventory on December 31. (3 marks) b) Assume that the company uses the Average Cost method. Calculate the value of the ending inventory on December 31. (2 marks) c) Assume that the company uses the LIFO method. Calculate the value of the ending inventory on December 31. (3 marks) 69 80 Page 11 of 12 Part D - Unit 7 - Financial Analysis for Decision Making Bradley Corporation had the following comparative current assets and current liabilities: Dec. 31, 2021 Dec. 31, 2020 Current assets Cash $ 30,000 $ 30,000 40,000 Temporary investments 10,000 Accounts receivable 55,000 95,000 Inventory 110,000 90,000 Prepaid expenses 35,000 20,000 $245,000 $270,000 Total current assets $120,000 $110,000 Accounts payable 30,000 40,000 Salaries payable 20,000 15,000 Income tax payable $180,000 $155,000 Total current liabilities During 2021, credit sales and cost of goods sold were $450,000 and $250,000, respectively. Instructions: Calculate the following liquidity measures for 2021: (2 marks each, total of 12 marks) a) Current ratio b) Working capital Current liabilities c) Quick ratio d) Receivables turnover e) Inventory turnover f) Collection period Page 12 of 12