i need help with my study guide. It has valuation of accounts receivable,inventory computations, multiple step income statement and much more

Pretest Exam 2: Chapters 5-6 & 8-11 BUS 201: Introductory Accounting PART I MULTIPLE CHOICE completed in d2l quiz tool PART II JOURNAL ENTRIES Instructions: Prepare the appropriate journal entries to record the following transactions for Milwaukee Bike Co. Assume the company uses a perpetual inventory system. You might not use all of the boxes provided for each transaction. May 4 Purchased bicycles at a cost of $6,000 from Chicago Bicycle Company, terms 1/10, n/30. May 6 Sold 18 bicycles to Team Wisconsin for $5,940, terms 1/10, n/30. Cost of the bicycles was $3,600. May 7 Received credit from Chicago Bicycle Company for the return of one defective bicycle, which had cost $200. May 13 Issued a credit memo to Team Wisconsin for the return of a bicycle. The bicycle was sold to Team Wisconsin for $330 and had a cost of $200. May 14 Paid Chicago Bicycle Company in full. PART III MULTIPLE-STEP INCOME STATEMENT Below is a partial listing of the adjusted account balances of Charger Department Store at year-end on December 31, 2015. Accounts Receivable Cost of Goods Sold Advertising Expense Interest Expense Accumulated DepreciationBuildings Sales Discounts Inventory Utilities Expense Sales Revenue Accounts Payable Interest Revenue 19,000 245,000 35,000 1,000 10,000 22,000 45,000 30,000 350,000 14,000 800 Instructions Using whatever data you believe appropriate, prepare a multiple-step income statement for Charger Department Store for the year ended December 31, 2015. PART IV INVENTORY COMPUTATIONS Gitche Gumee Company, which uses a perpetual inventory system, has the following inventory information: May 1 Beginning Inventory May 6 Purchase May 10 Sale May 14 Purchase May 27 Sale 2,000 units at $7 3,000 units at $8 3,500 units at $16 5,500 units at $9 6,000 units at $16 Instructions: Compute the May 31 ending inventory and May cost of goods sold under (a) Weighted-Average Cost, (b) FIFO, and (c) LIFO. Provide appropriate supporting calculations. (a) Weighted-Average - Ending Inventory = $_________; Cost of Goods Sold = $_________. (b) FIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________. (c) LIFO - Ending Inventory = $_________; Cost of Goods Sold = $_________. PART V VALUATION OF ACCOUNTS RECEIVABLE Aspen Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 3% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2016 appear below: Debit Balance Accounts Receivable 100,000 Sales (all on credit) Allowance for Doubtful Accounts Sales Returns & Allowances Credit Balance 720,000 2,000 30,000 (a) Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2016. (b) Record the following events in 2017. Aug. 10 Determined that the account of Julian Birch for $800 is uncollectible. Oct. 10 Received a check for $800 as payment on account from Julian Birch, whose account had previously been written off as uncollectible. PART VI FIXED ASSETS Holly & Ivy Company recently incurred the following costs: (1) Purchase price of land and dilapidated building $280,000 (2) Real estate broker's commission $ 14,000 (3) Net demolition costs of dilapidated building $ 39,000 (4) Excavation costs for new building $ 44,000 (5) Architect's fees and building permits $ 30,000 (6) Costs associated with new building construction $650,000 (7) Costs associated with new furniture and equipment $250,000 (8) Actual interest cost during building construction $168,000 (9) Actual interest cost after completion of building construction $120,000 (10) Cost of walks, driveways, and parking lot $ 55,000 (a) At what amount should the building be recorded on Holly & Ivy's books? (b) At what amount should the land be recorded on Holly & Ivy's books? PART VII DEPRECIATION METHODS Marx Corporation purchased a machine on July 1, 2015, at a total cost of $2,400,000. The machine has an estimated useful life of 10 years or 1,000,000 units of output and a salvage value of $400,000. Instructions: Complete the following table by presenting the annual depreciation expense for the years 2015 and 2016, under the indicated depreciation methods. Assume actual activity in terms of units of output was: 2015 60,000 units and 2016120,000 units. Annual Depreciation Expense 2015 2016 Straight-Line: $ $ Double-Declining-Balance: $ $ Units-of-Activity: $ $ PART VIII CURRENT LIABILITIES Part A Joshua Tree Forestry Company's payroll for the week ending January 15 amounted to $200,000 for salaries and wages. The following deductions were withheld from employees' salaries and wages: Federal Income Tax FICA Taxes United Fund $45,000 15,300 1,800 State Income Tax Union Dues 9,000 2,700 The federal unemployment tax (FUTA) rate is 2%. The state unemployment tax (SUTA) rate is 5.4%. Instructions Prepare the journal entries to record the weekly payroll ending January 15 and also the employer's payroll tax expense on the payroll. Assume employees are paid on the first of the month each month. Part B Putnam Company had cash sales of $65,100 (including taxes) for the month of June. Sales are subject to an 8.5% sales tax. Prepare the entry to record June sales. Part C Beebalm Co. borrows $50,000 on July 1 for a bank by signing a $50,000 note payable. The note is due in 1 year. The interest rate on the note is 5%. Prepare the following journal entries: Record the receipt of the proceeds of the note on July 1. Record the accrual of interest on December 31, assuming that adjusting journal entries are only made at year end. PART IX BONDS PAYABLE SB Anthony Company issued $500,000, 10%, 10-year bonds on December 31, 2015, at 92. Interest is payable semiannually on June 30 and December 31. SB Anthony uses the straight-line method of amortization and has a calendar year end. Instructions - Part A: Prepare the appropriate journal entries on (a) December 31, 2015. (b) June 30, 2016. On January 1, 2018, when the carrying value of the bonds was $468,000, SB Anthony redeemed the bonds at 102. Instructions - Part B: Record the redemption of the bonds. PART X STOCK TRANSACTIONS (A) Please prepare the appropriate journal entries for Frostbite Company for the following stock transactions. 2/1 Frostbite issued 60,000 shares of $1 par value common stock for $240,000. 9/1 Frostbite declares a $0.10 per share dividend on common stock. 10/1 Frostbite pays the dividend declared on 9/1. 12/1 Frostbite issued 2,000 shares of $50 par value preferred stock for $140,000. (B) On January 1, 2015, the stockholders' equity section of Hot Cider Corporation contains the following information: Common Stock ($5 par value)....................$1,500,000 Additional Paid In Capital...........................$1,000,000 Retained Earnings.......................................$1,200,000 Instructions: Journalize the following treasury stock transactions. Mar. 1 Purchased 50,000 shares for cash at $12 per share Jul. 1 Sold 10,000 treasury shares for cash at $14 per share Sept. 1 Sold 8,000 treasury shares for cash at $11 per share PART XI MISCELLANEOUS PROBLEMS 1. Tubman Rail Company purchased equipment costing $80,000 on January 1, 2014. The equipment has a fiveyear useful life, $16,000 salvage value, and is being depreciated using the straight-line method. It was sold at a $24,000 loss on June 30, 2016. The selling price of the equipment was: $_________________________. 2. Sol Invictus Corporation incurred $630,000 of research and development costs to produce a high technology solar computer, paid filing fees of $60,000 to register a patent on this product, and paid $420,000 to defend the patent against infringement by a competitor. All of these costs were incurred in 2015. Production of solar computers began on January 1, 2016. Assuming the patent has a useful life of 12 years, patent amortization expense for 2016 is: $_______________________