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Calculate Dec. 24, 5 6 7 8 9 10 85,000 64,000 1,500 17,000 45,000 11 15,000 Record payment of accounts payable. Accounts paid total $25,000 (before cash discount). Only 8,000 of the goods purchased qualified for an early payment discount. Terms are 2/10, n/30 Pier and lift sales for cash, before tax amount Cost of piers and lifts sold Labor charged to install lifts, received in cash, before tax amount Purchases of piers and lifts on account Custom dock sales charged to customer accounts receivable accounts, before tax amount Purchases of dock lumber for sold jobs and delivered to customer work site, on account Dock parts issued from inventory to sold jobs Purchase of dock parts for inventory on account Seawall installations charged to customers, before tax amounts Seawall rocks purchased on account Sports equipment sales for cash, before tax amount Purchases of sports equipment on account - purchased from Italian supplier and billed as 6,000 Euros. On that date the exchange rate was one Euro = $1.25 Cash collected from customers on accounts receivable. $2,000 was the collection of an amount written off a year ago. 12 13 14 15 16 17 3,000 1,500 17,000 7,000 13,000 Calculate 18 23,000 19 20 21 22 23 2,300 1,000 1,000 1,800 13,000 24 15,000 Advertising expenses incurred and paid Fuel bill received and paid in cash Freight incurred (for sports equipment purchased) and paid Utility bills received and paid in cash President and secretary salaries accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross, apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and another 7.65% is paid by the employer. Labor wages accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and another 7.65% is paid by the employer. Pay monthly payment on mortgage, interest portion is $1,190, $860 is a reduction of mortgage payable (account 611) Annual interest and principal amounts (needed for later Requirement 3) are: Year Payments Interest Principal 2016 $24,600 $15,500 $9,100 2017 24,600 13,600 11,000 Bad debt expense booked, equal to 1% of credit sales including sales tax (since Dec. 10 entry). (rounded up to nearest dollar) 25 2,050 26 Calculate 27 8,550 Old truck sold, original cost was $25,000, and accumulated depreciation on Dec. 31, 2015 was $10,000. Annual depreciation is $5,000, Sale price is $9,000. The auction that sold the truck charged a 5% commission. A check for $8,550 was received and deposited. Hint: compute and record full year of depreciation on truck before you record the sale. No sales tax is collected on this sale. The buyer pays it directly to the state when registering the vehicle. The sale is recorded net of the fee charged by the auction service. Purchased new truck, paid $10,000 cash and financed $40,000 balance on a 3-year installment contract. IA hydraulic crane was added to the barge. It is to be capitalized but it does not prolong the depreciable life of the barge and does not change the salvage value. 28 50,000 29 13000 30 2,000 500 Permits were obtained from the state for installations in 2016. The permit fees charged by the state and paid in cash were $2000, the fees charged by Ozark are $500. The $2,500 was charged to customer receivable account. Hint: The $2,000 is a direct debit to accounts receivable. Only the fee is revenue Neither amount is subject to sales tax. Tools are purchased and paid for in cash 31 3,000 32 Calculate Cash dividend of $1 per share of stock was declared and paid. Hint: is there a worksheet that will include the information you need to calculate the shares outstanding? Create a temporary account Dividends declared. It is a contra- equity account. Pick an appropriate account number. Hint: The number of shares outstanding is found by dividing the common stock account by $1. Christmas gift certificates for sports equipment were sold for the first time for the Christmas of 2016. The certificates can be redeemed at any time. There is no sales tax on certificates. Instead, the tax is added to the bill when the certificate is redeemed. All certificates were sold for cash. 33 8,500 34 Calculate 35 36 1,500 12,000 2,000 Gift certificates were redeemed for sports equipment purchases of $5,000 (plus tax). Accounts receivable written off as uncollectible Sports equipment (snow skis) rentals for cash (before tax), plus deposits of $2,000 (not taxed). Hint: The rental fee should be recorded in the sports equipment rental account, there is also an account for customer deposits. A bill from the computer consulting firm for one year of maintenance and support was found. The bill covers service from October 1, 2016 to September 30, 2017. Record the entire bill in account 321 37 2,400 38 10,000 EZ Lift Company notified Ozark that it had earned a $10,000 rebate on 2016 purchases. The rebate was earned by meeting a volume target. $2,000 of the rebates apply to lifts in the year-end inventory. The rebate will be paid to Ozark in early Jan. 2017. nn 39 Calculate 400 Christmas cards were sent to customers. Inside the card, there were 2 coupons for a Fish Fry at Ron's Cozy Corner. They must be used in January 2017. The cost of the mailing was $1,500, When the coupons are redeemed, Ozark will be charged $12 for each fish fry. In the past, 30% of the coupons are redeemed. 40 3,000 Ozark rented a new storage building starting Jan. 1, 2017. The agreement is month to month but requires a 3-month notice for ending the rental. Ozark paid $3,000. $1,000 is rent for January 2017 and $2,000 is a security deposit. Paid wages due to all employees Your amt. Dec. 26, 1 2 3 4 5 Your amt. Your amt. Your amt. Calculate Paid FICA and Medicare Paid income tax withholdings Paid sales taxes due The $12,350 check for the sale of the truck was dated January 2, 2017. The sales agent agreed to take the postdated check. The office manager did not notice the date when making the deposit. The bank has now returned the check and charged a $20 fee for a bad check. 6 2,000 7 8 Hint: Ozark does not feel that it can pass the $20 charge on to its customer. A customer placed a $2,000 deposit on a custom lift that will be ordered from the manufacturer for delivery in early 2017. The exact cost and selling price of the lift is not yet known. Transfer $30,000 to Money Market Account The bank notified Ozark that $900 interest had been added to their money market account. The bank notified Ozark that the credit card fees for sales made on credit cards was $75. That amount was deducted from the checking account. 30,000 900 9 75