I need the remaining questions answered and placed on the answer sheet.

: Acct 220: Final Exam Student Name: ACCT 220 Final Exam Answer Sheet Question 1 (40points) a. General Journal Entries: Date Account Debit Credit Account Debit Credit b. Adjusting Entries: Date : Acct 220: Final Exam Student Name: c. Adjusted Trial Balance: Adjusted Trial Balance Account Titles Debit Credit : Acct 220: Final Exam Student Name: : Acct 220: Final Exam Student Name: d. Classified Balance Sheet: : Acct 220: Final Exam Student Name: e. Closing Entries: Date Account Debit Credit Question 2 (8points) a. Cost of Goods Available for Sale b. Sales c. Value of: (1) LIFO method (2) FIFO method (3) Average-cost method Ending Inventory COGS : Acct 220: Final Exam Student Name: Question 3 (7points) Date Account Debit Credit : Acct 220: Final Exam Student Name: Question 4: (9points) a. Answer: Year Depreciation Expense Total Accumulated End-of-Year Depreciation Book Value Total Accumulated End-of-Year Depreciation Book Value b. Answer: Year Depreciation Expense c. Answer Question 5 (7points) Date Account Debit Credit : Acct 220: Final Exam Student Name: Question 6 (4points) Date Account Debit Credit Section 1: Calculations Part 1 Instructions To submit your answers for this part of the exam, fill in the answer sheet and upload it to the exam. Download: Final Exam Answer Sheet To upload your answer sheet, please follow these instructions: Click the Insert Stuf icon (first on the left). Click Upload to retrieve the file from your computer and upload it. For Link Text: (Your Name) Final Exam Answer Sheet Click Add. (Ignore the Choose Destination prompt.) Click OK. Omit all general journal entry explanations. Be sure to include correct dollar signs, commas, underlines, and double-underlines where required. Question 1 (40 points) XYZ Company's December 31, 2015, trial balance is as follows: XYZ Company Trial Balance December 31, 2015 Account Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Merchandise Inventory Land Building Accumulated Depreciation, Building Equipment Accumulated Depreciation, Equipment Goodwill Accounts Payable LongTerm Notes Payable Common Stock, $10 par, 2,000 shares authorized and Debit Credit $ 43,500 53,500 1,500 30,000 55,000 20,000 150,000 $ 15,000 50,000 21,000 26,000 25,000 75,000 20,000 outstanding Retained Earnings Sales Revenue Salaries Expense Utilities Expense Cost of Goods Sold Administrative Expenses Sales Expenses Totals 147,000 700,000 150,000 3,500 350,000 55,000 15,000 _______ $1,003,00 $1,003,00 0 0 XYZ is a small company and records adjusting entries and closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded. Additional Information: a. Notes Receivable is a 3-month, 6% note accepted on November 1, 2015. b. Long-Term Notes Payable is a 5-year, 5% note that was signed on July 1, 2015. Interest is payable annually. c. Building is depreciated at 3% per year. There is no salvage value. d. Equipment is depreciated at 15% per year. There is no salvage value. e. XYZ discovered, on December 30, 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. XYZ 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, 2015. e. Prepare in journal form, the closing entries for the year ended December 31, 2015. Question 1 options: Skip Toolbars for . More Insert actions. Show All Components Save Question 2 (8 points) XYZ Company uses the periodic method and had the following inventory events during January: Date Jan. 1 Jan. 5 Jan. 10 Jan. 15 Jan. 20 Jan. 25 Jan. 30 Units Purchased 150 225 100 150 200 Unit Date Cost $7.00Jan. 2 7.20Jan. 7 Jan. 7.50 12 Jan. 7.80 17 Jan. 7.95 24 Units Sold 100 125 Unit Sales Price $10.00 10.00 75 12.00 200 12.50 150 15.00 150 8.00 75 8.20 Note: The January 1 amounts were 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 the cost of goods available for sale. b. Calculate the dollar value of sales. c. Calculate the value of Ending Inventory and Cost of Goods Sold under the following independent assumptions: (1) LIFO method (2) FIFO method (3) Average-cost method Question 2 options: Save Question 3 (7 points) Required: Prepare Acme Supply Company's general journal entries for the following transactions: Jan. 1 Accepted RunTimeCo's 120day, 10% note as settlement of an outstanding $15,000 account receivable for goods sold last year. Jan. Purchased $10,000 Equipment from XYZ, signing a 9month, 12% note. 15 Jan. Loaned Warner Co. $30,000 cash, accepting a 90day, 10% note. 15 Jan. Prepared accrual adjusting entry for any interest revenue. 31 Apr. Received payment in full from Warner Co. for outstanding note and interest. 15 May 1 Received payment in full from RunTimeCo for outstanding note and interest. Oct. Paid XYZ in full. 15 Question 3 options: Save Question 4 (9 points) XYZ Company purchased a refrigerated delivery truck for $65,000 on January 1, 2015. 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. The fiscal year ends December 31. a. Prepare the depreciation table for XYZ's truck, assuming that the company uses the straight-line method for depreciation. b. Prepare the depreciation table for XYZ's truck, assuming that the company uses the double-declining-balance depreciation method. c. Compute the depreciation expense for 2015 for XYZ's truck, assuming the truck has an expected life of 200,000 miles and during 2015 the truck was driven 24,540 miles. Round your depreciation expense per mile to three decimal places. Question 4 options: Save Question 5 (7 points) Acme 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 5 options: Save Question 6 (4 points) At the end of the fiscal 2015 year, Acme Company has the following information: Credit Sales, $2,500,000; Sales Returns and Allowances, $25,000; Accounts Receivable, $200,000; and Allowance for Doubtful Accounts with a Debit, $1,500. Required: a. Prepare the general journal entry to record the end-of-the-year adjusting entry if Acme 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 Acme uses 5% of Accounts Receivable as the basis for determining Bad-Debt Expense. Question 6 options