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More Info AAC is a manufacturer of kitchen appliances. AAC markets its products via retail stores that are operated as franchises. As a AAC franchisee, Advanced Appliance Center-Rapids City will receive many benefits, including having the exclusive right to sell AAC brand appliances in Rapids City. AAC appliances have an excellent reputation and the AAC name and logo are readily recognized by consumers. AAC also manages national television advertising campaigns that benefit the franchisees. In exchange for these benefits, Advanced Appliance Center-Rapids City will pay an annual franchise fee to AAC based on a percentage of sales. The annual franchise fee is a separate cost and in addition to the purchase of the franchise. In addition to purchasing the franchise, Advanced Appliance CenterRapids City will also purchase land with an existing building to use for its retail store, store fixtures, and office equipment. The business will purchase appliances from AAC and resell them in its store, primarily to local building contractors for installation in new homes. Print Done More Info - X Advanced Appliance Center-Rapids City Chart of Accounts Cash Common Stock Petty Cash Retained Earnings Accounts Receivable Dividends Allowance for Bad Debts Sales Revenue Merchandise Inventory Interest Revenue Office Supplies Cost of Goods Sold Prepaid Insurance Franchise Fee Expense Interest Receivable Salaries Expense Notes Receivable Utilities Expense Land Insurance Expense Building Supplies Expense Accumulated Depreciation-Building Bad Debt Expense Store Fixtures Bank Expense Accumulated DepreciationStore Fixtures Credit Card Expense Office Equipment Depreciation ExpenseBuilding Accumulated Depreciation Office Equipment Depreciation ExpenseStore Fixtures Franchise Depreciation Expense-Office Equipment Accounts Payable Amortization Expense-Franchise Interest Payable Interest Expense Notes Payable Cash Short and Over Print Done i - X More Info Received $510,000 cash and issued common stock. Opened a new checking account at a. Rapids City National Bank and deposited the cash received from the stockholders. b. Paid $54,000 cash for a AAC franchise. Paid $120,000 cash and issued a $550,000,-years-year, 10% notes payable for land with an existing building. The assets had the following market values: Land, $150,000; c. Building, $520,000. d. Paid $45,000 for store fixtures. e. Paid $65,000 for office equipment. f. Paid $700 for office supplies. g. Paid $4,400 for a two-year insurance policy h. Purchased appliances from AAC (merchandise inventory) on account for $400,000 i. Established a petty cash fund for $270. j. Sold appliances on account to NOP Contractors for $205,000, terms n/30 (cost, $82,000). Sold appliances to Harris Contracting for $140,000 (cost, 561,000), receiving a 6-month, k. 15% note 1. Recorded credit card sales of $55,000 (cost, $25,000), net of processor fee of 1%. m. Received payment in full from NOP Contractors. n. Purchased appliances from AAC on account for $640,000. o. Made payment on account to AAC, $280,000 p. Sold appliances for cash to FB Home Builders for $340,000 (cost, $171,000). q. Received payment in full on the maturity date from Harris Contracting for the note. Sold appliances to Keard Contracting for $220,000 (cost, $112,000), receiving a 9-month, r. 15% note. s. Made payment on account to AAC, $460,000. Sold appliances on account to various businesses for $1,040,000, terms n/30 (cost, t. $416,000) u. Collected $730,000 cash on account. Paid cash for expenses: Salaries, $190,000; Utilities, $11,000 Replenished the petty cash fund when the fund had $51 in cash and petty cash tickets for w. $212 for office supplies. X. Paid dividends, $6,000. y. Paid the franchise fee to AAC of 4% of total sales of $2,000,000 v. Print Done Requirement 1. Record the transactions in the general journal. Omit explanations. 2. Post to the general ledger. 3. It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Rapids City National Bank to the Cash account in the general ledger. Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference. $ $ 0 Beginning Balance, January 1, 2018 Deposits and other credits: S 510,000 54,450 205,000 340,000 730,000 1,300 1,840,750 Interest Revenue Checks and other debits EFT to Bank Checks Checks: s 100 54,000 120.000 65.000 45,000 270 4,400 700 280,000 460,000 a. 201,000 Bank service charge 1.800 (1.232.270) S 608,480 Ending balance, December 31, 2018 *Bank Checks is a company that prints business checks (considered a bank expense) for Advanced Appliance Center-Rapids City 4. In preparation for preparing the adjusting entries, complete depreciation schedules for the first five years for the depreciable plant assets, assuming the assets were purchased on January 2, 2018 Building, straight-line, 30 years, $40,000 residual value. b. Store Fixtures, straight-line, 15 years, no residual value. c. Office Equipment, double-declining-balance, 5 years, 57,000 residual value. 5. Record adjusting entries for the year ended December 31, 2018: a. One year of the prepaid insurance has expired. b. Management estimates that 10% of Accounts Receivable will be uncollectible. c. An inventory of office supplies indicates $772 of supplies have been used. Calculate the interest earned on the outstanding Keard Contracting note receivable. Assume the note was received on October 31. Round to the nearest dollar. e. Record depreciation expense for the year. f. Record amortization expense for the year on the franchise, which has a 10-year life. g. Calculate the interest owed on the note payable. Assume the note was issued on January 1 6. Post adjusting entries and prepare an adjusted trial balance. 7. Prepare a multi-step income statement and statement of retained earnings for the year ended December 31, 2018. Prepare a classified balance sheet as of December 31, 2018. Assume Interest Receivable is a current asset and Interest Payable is a current liability. 8. Evaluate the company's success for the first year of operations by calculating the following ratios. Round to two decimal places. Comment on the results. Liquidity: i. Current ratio ii. Acid-test ratio Cash ratio b. Efficiency: i. Accounts receivable turnover ii. Day's sales in receivables iii. Asset turnover iv. Rate of return on total assets a Print Done Apr-Rapi City - je pacis om ACHHAA Chukwum willinum Following is the chart vi accounts lurvanced Appiano Contor-Hands City. As a row business all borang balances are Click the icon to view the chart or accounts.) BACH-Rapids Cly.com faking for chang 2018 is op Chico laviw lielis) Hoed the man Requirement 1. Record the transactions n the generalima. Omit cxplanations. Record debitstrst, then crcdit Exclude cxplanations trom any jumal cntrics) R$510 COMIX wij all Cly Nice Etichete Dube Account Debit Credit Accounts Payab 510.000 51000 CH Choose from any latar enter any number in the input fields and then click Check Answer ? 56 Perang Clear All Check Answer More Info AAC is a manufacturer of kitchen appliances. AAC markets its products via retail stores that are operated as franchises. As a AAC franchisee, Advanced Appliance Center-Rapids City will receive many benefits, including having the exclusive right to sell AAC brand appliances in Rapids City. AAC appliances have an excellent reputation and the AAC name and logo are readily recognized by consumers. AAC also manages national television advertising campaigns that benefit the franchisees. In exchange for these benefits, Advanced Appliance Center-Rapids City will pay an annual franchise fee to AAC based on a percentage of sales. The annual franchise fee is a separate cost and in addition to the purchase of the franchise. In addition to purchasing the franchise, Advanced Appliance CenterRapids City will also purchase land with an existing building to use for its retail store, store fixtures, and office equipment. The business will purchase appliances from AAC and resell them in its store, primarily to local building contractors for installation in new homes. Print Done More Info - X Advanced Appliance Center-Rapids City Chart of Accounts Cash Common Stock Petty Cash Retained Earnings Accounts Receivable Dividends Allowance for Bad Debts Sales Revenue Merchandise Inventory Interest Revenue Office Supplies Cost of Goods Sold Prepaid Insurance Franchise Fee Expense Interest Receivable Salaries Expense Notes Receivable Utilities Expense Land Insurance Expense Building Supplies Expense Accumulated Depreciation-Building Bad Debt Expense Store Fixtures Bank Expense Accumulated DepreciationStore Fixtures Credit Card Expense Office Equipment Depreciation ExpenseBuilding Accumulated Depreciation Office Equipment Depreciation ExpenseStore Fixtures Franchise Depreciation Expense-Office Equipment Accounts Payable Amortization Expense-Franchise Interest Payable Interest Expense Notes Payable Cash Short and Over Print Done i - X More Info Received $510,000 cash and issued common stock. Opened a new checking account at a. Rapids City National Bank and deposited the cash received from the stockholders. b. Paid $54,000 cash for a AAC franchise. Paid $120,000 cash and issued a $550,000,-years-year, 10% notes payable for land with an existing building. The assets had the following market values: Land, $150,000; c. Building, $520,000. d. Paid $45,000 for store fixtures. e. Paid $65,000 for office equipment. f. Paid $700 for office supplies. g. Paid $4,400 for a two-year insurance policy h. Purchased appliances from AAC (merchandise inventory) on account for $400,000 i. Established a petty cash fund for $270. j. Sold appliances on account to NOP Contractors for $205,000, terms n/30 (cost, $82,000). Sold appliances to Harris Contracting for $140,000 (cost, 561,000), receiving a 6-month, k. 15% note 1. Recorded credit card sales of $55,000 (cost, $25,000), net of processor fee of 1%. m. Received payment in full from NOP Contractors. n. Purchased appliances from AAC on account for $640,000. o. Made payment on account to AAC, $280,000 p. Sold appliances for cash to FB Home Builders for $340,000 (cost, $171,000). q. Received payment in full on the maturity date from Harris Contracting for the note. Sold appliances to Keard Contracting for $220,000 (cost, $112,000), receiving a 9-month, r. 15% note. s. Made payment on account to AAC, $460,000. Sold appliances on account to various businesses for $1,040,000, terms n/30 (cost, t. $416,000) u. Collected $730,000 cash on account. Paid cash for expenses: Salaries, $190,000; Utilities, $11,000 Replenished the petty cash fund when the fund had $51 in cash and petty cash tickets for w. $212 for office supplies. X. Paid dividends, $6,000. y. Paid the franchise fee to AAC of 4% of total sales of $2,000,000 v. Print Done Requirement 1. Record the transactions in the general journal. Omit explanations. 2. Post to the general ledger. 3. It is a common business practice to reconcile the bank accounts on a monthly basis. However, in this problem, the reconciliation of the company's checking account will be done at the end of the year, based on an annual summary. Reconcile the bank account by comparing the following annual summary statement from Rapids City National Bank to the Cash account in the general ledger. Record journal entries as needed and post to the general ledger. Use transaction z as the posting reference. $ $ 0 Beginning Balance, January 1, 2018 Deposits and other credits: S 510,000 54,450 205,000 340,000 730,000 1,300 1,840,750 Interest Revenue Checks and other debits EFT to Bank Checks Checks: s 100 54,000 120.000 65.000 45,000 270 4,400 700 280,000 460,000 a. 201,000 Bank service charge 1.800 (1.232.270) S 608,480 Ending balance, December 31, 2018 *Bank Checks is a company that prints business checks (considered a bank expense) for Advanced Appliance Center-Rapids City 4. In preparation for preparing the adjusting entries, complete depreciation schedules for the first five years for the depreciable plant assets, assuming the assets were purchased on January 2, 2018 Building, straight-line, 30 years, $40,000 residual value. b. Store Fixtures, straight-line, 15 years, no residual value. c. Office Equipment, double-declining-balance, 5 years, 57,000 residual value. 5. Record adjusting entries for the year ended December 31, 2018: a. One year of the prepaid insurance has expired. b. Management estimates that 10% of Accounts Receivable will be uncollectible. c. An inventory of office supplies indicates $772 of supplies have been used. Calculate the interest earned on the outstanding Keard Contracting note receivable. Assume the note was received on October 31. Round to the nearest dollar. e. Record depreciation expense for the year. f. Record amortization expense for the year on the franchise, which has a 10-year life. g. Calculate the interest owed on the note payable. Assume the note was issued on January 1 6. Post adjusting entries and prepare an adjusted trial balance. 7. Prepare a multi-step income statement and statement of retained earnings for the year ended December 31, 2018. Prepare a classified balance sheet as of December 31, 2018. Assume Interest Receivable is a current asset and Interest Payable is a current liability. 8. Evaluate the company's success for the first year of operations by calculating the following ratios. Round to two decimal places. Comment on the results. Liquidity: i. Current ratio ii. Acid-test ratio Cash ratio b. Efficiency: i. Accounts receivable turnover ii. Day's sales in receivables iii. Asset turnover iv. Rate of return on total assets a Print Done Apr-Rapi City - je pacis om ACHHAA Chukwum willinum Following is the chart vi accounts lurvanced Appiano Contor-Hands City. As a row business all borang balances are Click the icon to view the chart or accounts.) BACH-Rapids Cly.com faking for chang 2018 is op Chico laviw lielis) Hoed the man Requirement 1. Record the transactions n the generalima. Omit cxplanations. Record debitstrst, then crcdit Exclude cxplanations trom any jumal cntrics) R$510 COMIX wij all Cly Nice Etichete Dube Account Debit Credit Accounts Payab 510.000 51000 CH Choose from any latar enter any number in the input fields and then click Check Answer ? 56 Perang Clear All Check