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1. Bella's Beauty Salon's unadjusted trial balance for the current year follows: Additional information: a. An insurance policy examination showed $1,240 of expired insurance. b. An inventory count showed $210 of unused shop supplies still available. c. Depreciation expense on shop equipment, $350. d. Depreciation expense on the building, $2,220. e. A beautician is behind on space rental payments and $200 of accrued revenue was unrecorded at the time the trial balance was prepared. f. $800 of the Unearned Rent account balance was earned by year-end. g. The one employee, a receptionist, works a five-day workweek at $50 per day. The employee was paid last week but has worked four days this week for which she has not been paid. h. Three months' property taxes, totaling $450, have accrued. This additional amount of property taxes expense has not been recorded. i. One month's interest on the note payable, $600, has accrued but is unrecorded. Required: Based on the additional information, prepare the adjusting journal entries for Bella's Beauty Salon. 2. The following is the adjusted trial balance for Rapid Car Services for the most recent year: Rapid Car Services, Inc. Adjusted Trial Balance For the year ended December 31 Cash Accounts receivable Office supplies Vehicles Accumulated depreciationVehicles Accounts payable Common stock Retained earnings Dividends Fees earned Rent expense Office supplies expense Utilities expense Depreciation ExpenseVehicles Salary expense Fuel expense Totals $33,000 14,200 1,700 100,000 45,000 11,500 1,000 70,900 40,000 155,000 13,000 2,000 2,500 15,000 50,000 12,000 $283,400 $283,40 0 Required: Prepare the following financial statements for Rapid Car Services, Inc. from the adjusted trial balance. Assume the stockholders did not make any additional investments in the company during the year. Income Statement Statement of Retained Earnings Balance Sheet 3. END Company reported the current month purchase and sales data for its only product as follows: Date April 1 4 7 10 16 25 28 Activities Beginning Inventory Purchase Sales Purchase Sales Purchase Sales Units Acquired at Cost 175 units @ $15.00 150 units @ $16.00 Units Sold at Retail 160 units @ $30.00 200 units @ $17.00 250 units @ $30.00 160 units @ $18.00 150 units @ $32.00 Required: Determine the cost assigned to ending inventory and cost of goods sold using LIFO with the perpetual inventory system. 4. The following information is available for the Edwards Company for its March 31 bank reconciliation: From the March 31 bank statement: NSF: A check from a customer, Cook Co. in payment of their account. IN: Interest earned on the account. From the Edwards Company's accounting records: Required: Based on the above information, prepare the 2-column bank reconciliation for the Edwards Company for March. 5. Information for Jason Metalworks as of December 31 follows. Administrative salaries expense Depreciation expenseFactory equipment Depreciation expenseDelivery vehicles Depreciation expenseOffice equipment Advertising expense Direct labor Factory supplies used Income taxes expense Indirect labor Indirect material Factory insurance Factory utilities Factory maintenance Inventories Raw materials inventory, January 1 Raw materials inventory, December 31 Work in Process inventory, January 1 Work in Process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw materials purchases Rent expenseFactory Rent expenseOffice space Rent expenseSelling Space Sales salaries expense Sales Sales discounts $135,00 0 52,400 36,200 24,800 22,350 268,000 12,000 91,500 35,000 24,000 15,500 14,000 7,500 32,000 28,000 33,780 37,460 56,970 62,000 325,000 50,000 24,000 24,000 97,500 1,452,0 00 29,000 Required: (a) Prepare the company's schedule of cost of goods manufactured for the year ended December 31 (b) Prepare the company's income statement that reports separate categories for selling and general and administrative expenses. 6. Wagner Company is analyzing two alternative methods of producing its product. The production manager indicates that variable costs can be reduced 40% by installing a machine that automates production, but fixed costs would increase. Alternative 1 shows costs before installing the machine; Alternative 2 shows costs after the machine is installed. Variable costs per unit Fixed costs Selling price per unit Income tax rate Alternative 1 $20 $200,000 $40 25% Alternative 2 ? $274,400 $40 25% Required: (a) Compute the break-even point in units and dollars for both alternatives. (b) Prepare a forecasted income statement for both alternatives assuming that 30,000 units will be sold. The statements should report sales, total variable costs, contribution margin, fixed costs, income before taxes, income taxes, and net income. (c) Compute the degree of operating leverage for each alternative. Which alternative would you recommend and why? Question 1 Bella Beauty Salon Adjusted Trial Balance Dec 31, 2013 Activity Debit Cash 4,200 Rent receivable 200 Prepaid insurance 80 Shop supplies 280 Shop equipment 3,860 Accumulated depreciation - Shop Equipment Building 1,120 57,500 Accumulated depreciation - Building Land Credit 6,060 55,000 Wages payable 200 Property tax payable 450 Interest payable 600 Unearned rent 800 Long-term notes payable 50,000 Bella Hanson, Capital 49,860 Rent earned 3,400 Fees earned 23,400 Wages expense 3,400 Utilities expense 690 Property taxes expense 1,050 Insurance expense 1,400 Shop supplies expense 710 Depreciation expense - shop equipment 350 Depreciation expense - building 2,220 Interest expense 4,950 Totals 135,890 Question 2 In the books of Rapid Car Services as on 31st December: 1. Income Statement: Particulars Amount ($) Revenues: Fees Earned 155,000 Total Revenue ...... (A) 155,000 Expenses: Rent Expense 13,000 Office Supplies Expense 2,000 Fuel Expense 12,000 Salary Expense 50,000 Depreciation Expense 15,000 Utilities Expense 2,500 Total Expense...... (B) 94,500 Net Income.......(A-B) 60,500 135,890 2. Statement of Retained Earnings: Particulars Amount ($) Retained Earnings 70,900 Net Income 60,500 Dividends (40,000) Retained Earnings to be transferred to Stockholders' Equity 91,400 3. Balance Sheet as on 31st December: Particulars Amount ($) Amount ($) Vehicles 100,000 55,000 (-) Accumulated Dep (45,000) Office Supplies 1,700 (-) Office Supplies Expense (2,000) Assets: (300) Accounts Receivable 14,200 Common Stock 1,000 Cash 33,000 Total Assets ...... 102,900 Liabilities: Accounts Payable 11,500 Total Liabilities...... 11,500 Stockholders' Equity: Retained Earnings 91,400 Total Liabilities and Stockholder's Equity....... 102,900 Question 3 Question 4 Edwards Company Balance Reconciliation March 31 Bank statement balance $15,008 Book balance Add: Deposit in transit ............. Add: 2,090 Interest earned on account 17,098 Deduct: Outstanding check NSF check No.2907 460 No.2910 340 800 Question 5 $16,298 295 16,798 Deduct Adjusted bank balance $16,503 Adjusted bank balance 500 $16,298 Statement of Goods Manufactured Direct Materials Beginning raw materials 32,000 Purchases of raw materials 325,000 Less ending raw materials (28,000) Sub-total $329,000 Direct Labor $268,000 Factory Overhead Factory supplies used 12,000 Income taxes 91500 Indirect labor 35,000 Indirect material 24,000 Factory insurance 15,500 Factory utilities 14,000 Factory maintenance 7500 Totals 199,500 Total manufacturing costs $ 796,500 Beginning WIP 33,780 Less Ending WIP (37,460) Cost of goods manufactured $792820 Income Statement Sales $1,452,000 less sales discounts (29,000) Net sales $1,423,000 Less: COGS Beginning Finished Goods 56970 Cost of goods manufactured 792820 Less ending Finished Goods (62,000) COGS $787790 Gross profit $635210 Less: Selling expensesAdvertising expense $ 22,300 Rent expense -selling space 24,000 Rent expense -Office space 24,000 Sales salaries expense 97,500 Sub-total $167,800 General & Admin expensesAdministrative salaries expense 135,000 Depreciation expenseFactory equipment 52,400 Depreciation expenseDelivery vehicles 36,200 Depreciation expenseOffice equipment 24,800 Rent expenseOffice space 21,000 Rent expense- Factory 50,000 Sub-total $269,400 Income before taxes $198,010 Question 6 A) Alternative 1 Alternative 2 A Sales price per unit 40 40 B Less: Variable cost per unit 20 12 C Contribution per unit 20 28 D Fixed cost - Total 200000 274400 E BEP (units) - D/C 10000 9800 F BEP($)- E*A 400000 392000 B) In$ Alternative 1 Alternative 2 No of unit sold 30000 30000 Sales 1200000 1200000 Less: Variable cost 600000 360000 Contribution margin 600000 840000 Fixed cost 200000 274400 Income before tax 400000 565600 tax @25% 100000 141400 Net income 300000 424200 c) Alternative 2 is recomended as it would result in lower BEP and aslo higher profit