please help me with 10 accounting problems from ACCT 510

1. Bentley records adjusting entries on December 31 year end. At December 31, employees had earned $14,000 of unpaid and unrecorded salaries. The next payday is January 3, during which $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Debit Salaries expense $14,000; credit Salaries payable $14,000. Debit Salaries expense $20,000; debit Salaries payable $14,000; credit Cash $34,000. Debit Salaries payable $20,000; credit Cash $20,000. Debit Salaries payable $14,000, credit Salaries expense $14,000. Debit Salaries expense $20,000; credit Salaries payable $20,000. 2. Bentley records adjusting entries on December 31 year end. At December 31, employees had earned $16,500 of unpaid and unrecorded salaries. The next payday is January 3, during which $39,000 will be paid. Prepare the journal on January 3 to record payment assuming the correct adjusting and reversing entries were made on December 31 and January 1. Debit Salaries expense $16,500; debit Salaries payable $22,500; credit Cash $39,000. Debit Salaries expense $39,000; credit Cash $39,000. Debit Salaries payable $39,000; credit Cash $39,000. Debit Salaries expense $22,500, debit Salaries payable $16,500; credit Cash $39,000. Debit Salaries expense $22,500; credit Cash $22,500. 3. The Unadjusted Trial Balance columns of a work sheet total $85,400. The Adjustments columns contain entries for the following: 1. Office supplies used during the period, $1,900. 2. Expiration of prepaid rent, $1,400. 3. Accrued salaries expense, $1,200. 4. Depreciation expense, $1,500. 5. Accrued service fees receivable, $1,100. The Adjusted Trial Balance columns total is: $78,300. $85,400. $89,200. $89,400. $92,500. 4. ABC Corporation's total quick assets were $4,888,000 its current assets were $12,700,000 and its current liabilities were $7,500,000. Its acid-test ratio equals (Round your answer to 2 decimal places): 0.65. 2.35. 1.53. 1.69. 0.59. 5. Benson Company had cash sales of $100,275, credit sales of $89,450, sales returns and allowances of $3,700, and sales discounts of $5,475. Benson's net sales for this period equal: $186,025. $189,725. $184,250. $100,275. $180,550. 6. Brig Company had $810,000 in sales, sales discounts of $12,200, sales returns and allowances of $18,200, cost of goods sold of $388,000, and $276,000 in operating expenses. Net income equals: $779,600. $403,800. $391,600. $115,600. $409,800. 7. A company had the following purchases during the current year: January: February: May: September: November: 16 units at $126 26 units at $136 21 units at $146 18 units at $156 16 units at $166 On December 31, there were 56 units remaining in ending inventory. These 56 units consisted of 8 from January, 10 from February, 12 from May, 10 from September, and 16 from November. Using the specific identification method, what is the cost of the ending inventory? $8,336. $8,170. $7,088. $8,502. $6,976. 8. On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1: $4,400 Net sales: $44,000 Net purchases: $45,000 The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be: $5,400. $27,600. $23,200. $37,400. $4,400. 9. A company that has operated with a 30% average gross profit ratio for a number of years had $111,000 in sales during the first quarter of this year. If it began the quarter with $19,100 of inventory at cost and purchased $73,100 of inventory during the quarter, its estimated ending inventory by the gross profit method is: $30,300. $33,300. $19,100. $23,310. $14,500. 10. A company normally sells its product for $25 per unit. However, the selling price has fallen to $20 per unit. This company's current inventory consists of 250 units purchased at $21 per unit. Replacement cost has now fallen to $18 per unit. Calculate the value of this company's inventory at the lower of cost or market. $4,600. $5,000. $4,500. $5,250. $4,450. 1. Bentley records adjusting entries on December 31 year end. At December 31, employees had earned $14,000 of unpaid and unrecorded salaries. The next payday is January 3, during which $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Debit Salaries expense $14,000; credit Salaries payable $14,000. Debit Salaries expense $20,000; debit Salaries payable $14,000; credit Cash $34,000. Debit Salaries payable $20,000; credit Cash $20,000. Debit Salaries payable $14,000, credit Salaries expense $14,000. Debit Salaries expense $20,000; credit Salaries payable $20,000. 2. Bentley records adjusting entries on December 31 year end. At December 31, employees had earned $16,500 of unpaid and unrecorded salaries. The next payday is January 3, during which $39,000 will be paid. Prepare the journal on January 3 to record payment assuming the correct adjusting and reversing entries were made on December 31 and January 1. Debit Salaries expense $16,500; debit Salaries payable $22,500; credit Cash $39,000. Debit Salaries expense $39,000; credit Cash $39,000. Debit Salaries payable $39,000; credit Cash $39,000. Debit Salaries expense $22,500, debit Salaries payable $16,500; credit Cash $39,000. Debit Salaries expense $22,500; credit Cash $22,500. 3. The Unadjusted Trial Balance columns of a work sheet total $85,400. The Adjustments columns contain entries for the following: 1. Office supplies used during the period, $1,900. 2. Expiration of prepaid rent, $1,400. 3. Accrued salaries expense, $1,200. 4. Depreciation expense, $1,500. 5. Accrued service fees receivable, $1,100. The Adjusted Trial Balance columns total is: $78,300. $85,400. $89,200. $89,400. $92,500. 4. ABC Corporation's total quick assets were $4,888,000 its current assets were $12,700,000 and its current liabilities were $7,500,000. Its acid-test ratio equals (Round your answer to 2 decimal places): 0.65. 2.35. 1.53. 1.69. 0.59. 5. Benson Company had cash sales of $100,275, credit sales of $89,450, sales returns and allowances of $3,700, and sales discounts of $5,475. Benson's net sales for this period equal: $186,025. $189,725. $184,250. $100,275. $180,550. 6. Brig Company had $810,000 in sales, sales discounts of $12,200, sales returns and allowances of $18,200, cost of goods sold of $388,000, and $276,000 in operating expenses. Net income equals: $779,600. $403,800. $391,600. $115,600. $409,800. 7. A company had the following purchases during the current year: January: February: May: September: November: 16 units at $126 26 units at $136 21 units at $146 18 units at $156 16 units at $166 On December 31, there were 56 units remaining in ending inventory. These 56 units consisted of 8 from January, 10 from February, 12 from May, 10 from September, and 16 from November. Using the specific identification method, what is the cost of the ending inventory? $8,336. $8,170. $7,088. $8,502. $6,976. 8. On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1: $4,400 Net sales: $44,000 Net purchases: $45,000 The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be: $5,400. $27,600. $23,200. $37,400. $4,400. 9. A company that has operated with a 30% average gross profit ratio for a number of years had $111,000 in sales during the first quarter of this year. If it began the quarter with $19,100 of inventory at cost and purchased $73,100 of inventory during the quarter, its estimated ending inventory by the gross profit method is: $30,300. $33,300. $19,100. $23,310. $14,500. 10. A company normally sells its product for $25 per unit. However, the selling price has fallen to $20 per unit. This company's current inventory consists of 250 units purchased at $21 per unit. Replacement cost has now fallen to $18 per unit. Calculate the value of this company's inventory at the lower of cost or market. $4,600. $5,000. $4,500. $5,250. $4,450