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Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM ACCT1106 - Fall 2017 Question 1 Sheridan Corporation, a private corporation, was formed on July 1, 2018. On July 31, Guy Glinas, the company's president, prepared the following statement of financial position: Sheridan Corporation Statement of Financial Position July 31, 2018 Liabilities and Shareholders' Equity Assets Cash $23,000 Accounts payable $50,000 Accounts receivable 55,000 Boat loan payable 40,000 Inventory 37,000 Common shares 45,000 Boat 25,000 Retained earnings $140,000 5,000 $140,000 Guy admits that his knowledge of accounting is somewhat limited and is concerned that his statement of financial position might not be correct. He gives you the following additional information: 1. The boat actually belongs to Guy Glinas, not to Sheridan Corporation. However, because Guy thinks he might take customers out on the boat occasionally, he decided to list it as an asset of the company. To be consistent, he also included as a liability of the company the personal bank loan that he took out to buy the boat. 2. Included in the accounts receivable balance is $10,000 that Guy personally loaned to his brother 5 years ago. Guy included this in the receivables of Sheridan Corporation so that he wouldn't forget that his brother owes him money. 3. Guy's statements didn't balance. To make them balance, he adjusted the Common Shares account until assets equalled liabilities and shareholders' equity. (b) Prepare a corrected statement of financial position. (Hint: To get the balance sheet to balance, adjust Common Shares). (List Assets in order of liquidity.) Sheridan Corporation Statement of Financial Position Assets $ $ Liabilities and Shareholders' Equity https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 1 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM $ $ Question 2 Choose from the drop down menu the type of business activity (operating, financing or investing) being described for Little Blue Inc.: a. b. Ten-thousand common shares are issued to shareholders in exchange for cash. A $35,000 bank loan is taken out to provide cash flow in the low season. c. Property taxes of $5,000 were paid by the company. d. The company paid $2,000 to register a patent on its new product, the Indigo Model. e. Little Blue sold 6,000 units of the Cobalt Model from inventory for $12,500. f. The company purchased office supplies for $350. g. The company purchased thirty-thousand common shares of XTC Company Inc. for $58,000. h. Income taxes of $4,500 were paid. i. Interest expense totaling $220 was paid on the bank loan. j. The company declared and paid $2,000 in dividends. Question 3 The chief financial officer (CFO) of Padilla Corporation requested that the accounting department prepare a preliminary statement of financial position on December 20, 2018. He knows that certain debt agreements with its lenders require the company to maintain a current ratio of at least 2:1 and wants to know how the company is doing. The preliminary statement of financial position follows: https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 2 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM PADILLA CORPORATION Statement of Financial Position December 20, 2018 Assets Liabilities Current assets Cash Current liabilities $25,000 Accounts receivable 30,000 Prepaid insurance Total current assets Equipment Total assets Accounts payable Salaries payable 5,000 Non-current liabilities 60,000 Bank loan payable 200,000 $260,000 $20,000 20,000 $40,000 80,000 Total liabilities 120,000 Shareholders' equity Common shraes Retained earnings $90,000 50,000 140,000 $260,000 Total liabilities and shareholders' equity (c) Current ratio based on part (a) is 1.5:1. The CFO requested that $20,000 of the cash be used to pay off the balance of the accounts payable account on December 21. Is it ethical for the CFO to recommend this action? Question 4 The following accounts and amounts (in thousands) were taken from the 2018 financial statements of Ayayai Instruments, Inc. Common shares Prepaid insurance Equipment Salaries payable $2,500 850 9,250 100 Cash Accumulated depreciation-equipment 4,000 Accounts payable 1,300 Mortgage payable (due 2028) 1,000 6,475 Inventory 2,000 Retained earnings Held for trading investments 1,400 Accounts receivable Income tax payable $1,000 900 25 https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 3 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM Prepare a classified statement of financial position as at December 31, 2018. (List Current Assets in order of liquidity.) AYAYAI INSTRUMENTS INC. Statement of Financial Position (in thousands) Assets $ $ $ : $ Liabilities and Shareholders' Equity $ $ $ https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 4 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM $ Question 5 Wildhorse Inc.'s general ledger at April 30, 2018, included the following: Cash $4,600; Supplies $400; Equipment $24,200; Accounts Payable $1,900; Unearned Revenue (from gift certificates) $1,000; Bank Loan Payable $9,100; Common Shares $5,500; and Retained Earnings $11,700. The following transactions occurred during May: May 1 Paid rent for the month of May, $1,100. 4 Paid $1,200 of the account payable outstanding at April 30. 7 Issued gift certificates for future services for $1,400 cash. 15 Received $2,200 from customers for services performed to date. 15 Paid $1,200 in salaries to employees. 17 Customers receiving services worth $700 used gift certificates in payment. 18 Paid the remaining accounts payable from April 30. 22 Purchased supplies of $700 on account. 24 Received a bill for advertising for $400. This bill is due on June 22. 25 Received and paid a utilities bill for $300. 28 Received $2,300 from customers for services performed. 29 Customers receiving services worth $500 used gift certificates in payment. 30 Interest of $50 was paid on the bank loan. 31 Paid $1,300 in salaries to employees. 31 Paid income tax instalment for the month, $150. Journalize the May transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 5 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM (To record cash received from customers) (To record payment of salaries) https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 6 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM (To record payment of salaries) (To record payment of income tax) Using T accounts, enter the beginning balances in the general ledger as at April 30 and post the May journal entries to the general ledger. (Post entries in the order presented in the problem.) Cash Supplies Equipment Accounts Payable https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 7 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM Unearned Revenue Bank Loan Payable Common Shares Retained Earnings Service Revenue Salaries Expense Rent Expense Advertising Expense https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 8 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM Utilities Expense Interest Expense Income Tax Expense Prepare a trial balance as at May 31. WILDHORSE INC. Trial Balance Debit $ Credit $ https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....true&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 9 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false Totals $ 2017-08-14, 6+21 PM $ Question 6 You are presented with the following alphabetical list of items, selected from the financial statements of Saputo Inc.: For each of the below accounts, identify the following: (a) the type of account (assets, liabilities, shareholders' equity [specify common shares, dividends, revenues, or expenses)]; (b) the normal balance of the account; and (c) on which financial statement (income statement, statement of changes in equity, statement of financial position) Saputo would likely report the account. Account (a) Type of account (b) Normal Balance (c) Financial Statement Bank loans payable Buildings Cash Depreciation expense Dividends declared Finance income Furniture, machinery, and equipment Income tax expense Income taxes payable Interest expense Inventories Prepaid expenses Receivables https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....rue&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 10 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM Revenues Question 7 Ouellette Corporation began operations on January 2. Its year end is December 31, and it adjusts its accounts annually. Selected transactions for the current year follow: 1. On January 2, purchased supplies for $4,200 cash. A physical count at December 31 revealed that $710 of supplies were still on hand. 2. Purchased a vehicle for $45,800 on April 1, paying $5,900 cash and signing a $39,900 bank loan for the balance. The vehicle is estimated to have a useful life of 3 years and the company uses straight-line depreciation. 3. Purchased a $3,690, one-year insurance policy for cash on August 1. The policy came into effect on that date. 4. Received a $2,590 advance cash payment from a client on November 9 for services to be performed in the future. As at December 31, half of these services had been completed. 5. On December 1, the company rented additional office space for a six-month period starting on December 1 for $2,000 each month. It paid rent for the months of December and January in advance on this date. For each of the above situations, prepare the journal entry for the original transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Sr no. Date Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....rue&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 11 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM For each of the above situations, prepare any adjusting entry required at December 31. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round all amounts to the nearest dollar.) Sr no. Date 1. Dec. 31 2. Dec. 31 3. Dec. 31 4. Dec. 31 5. Dec. 31 Account Titles and Explanation Debit Credit Question 8 The adjusted trial balance for Sturge Technology Services Ltd. at March 31, 2018 is as follows: Sturge Technology Services Ltd. Adjusted Trial Balance March 31, 2018 Debit Cash $7,490 Accounts receivable 19,885 Supplies Prepaid insurance Equipment Accumulated depreciationequipment Credit 3,410 3,650 24,700 $5,725 Accounts payable 2,870 Salaries payable 2,110 https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....rue&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 12 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM Interest payable 1,170 Rent payable 1,160 Income tax payable 1,480 Unearned revenue 700 Bank loan payable, due 2021 24,100 Common shares 5,000 Retained earnings 5,220 Dividends declared 420 Service revenue 55,925 Salaries expense 18,710 Rent expense 18,850 Depreciation expense 2,245 Supplies expense 1,590 Interest expense 1,410 Insurance expense 1,060 Income tax expense 2,040 $105,460 Total $105,460 Prepare the closing entries at March 31. (Credit account tittles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit March 31 (To close revenue account.) 31 (To close expense accounts.) 31 https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....rue&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 13 of 14 All questions property of John Wiley & Sons Inc. Print Assignment: Assignment #1 (Chapters 1-4) - DUE Mon, Oct 2/17 (midnight) ::false 2017-08-14, 6+21 PM (To close net income.) 31 (To close dividends.) Prepare a post-closing trial balance. Sturge Technology Services Ltd. Post-Closing Trial Balance March 31, 2018 Debit Totals Credit $ $ $ $ https://edugen.wileyplus.com/edugen/shared/assignment/test/agprint....rue&printType=withoutAnswer&alg_version=0&printmode=insructorPrint Page 14 of 14 All questions property of John Wiley & Sons Inc