Please refer to the attached assignment Thank you!

GRADED PROJECT Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the \"Assignment Format\" page for specific format requirements. Assignment Details: This assignment will include the four-part graded project described below and 20 multiple choice exam questions covering this lesson, Manufacturing Accounting. The combined project and exam portions of this Assignment total 100 points. You should complete your work for this project at this time and submit it with the exam questions (available at the Assignments tool). Part A (2 points each for a possible total of 6 points) The following information is given for Tripp Company, which uses the indirect method. Net income Depreciation expense Increase in accounts receivable Payment of dividends Proceeds from sale of equipment Increase in accounts payable Decrease in inventory $20,000 3,000 2,000 2,000 6,000 4,000 3,000 From the information provided, answer the following questions: 1. The cash flow from operating activities is ________. 2. The cash flow from investing activities is ________. 3. The cash flow from financing activities is ________. PRINCIPLES OF ACCOUNTING 2 135 Part B (2 points each for a possible total of 10 points) Selected data for Stick's Design are given as of December 31, Year 1 and Year 2 (rounded to the nearest hundredth). Year 2 Year 1 Net Credit Sales Cost of Goods Sold Net Income Cash Accounts Receivable Inventory Current Liabilities $25,000 $30,000 16,000 18,000 2,000 2,800 5,000\t900 3,000 2,000 2,000\t3,600 6,000 5,000 Compute the following: 1. Current ratio for Year 2 2. Acid-test ratio for Year 2 3. Accounts receivable turnover for Year 2 4. Average collection period for Year 2 5. Inventory turnover for Year 2 Part C (10 points) Prepare an income statement showing departmental contribution margin based on the following: Dept. X Dept. Y Rent Expense Space (square feet) Net Sales Cost of Goods Sold 136 17,500 $60,000 35,000 $40,000 18,000 16,000 Rent Expense (allocated based on square feet) $2,700 PRINCIPLES OF ACCOUNTING 2 Part D (4 points each for a possible total of 24 points) From the following transactions, prepare the appropriate general journal entries for the month of April. 1. Raw materials costing $60,000 were issued from the storeroom. 2. Direct labor of $53,000 was charged to production. 3. Indirect labor costs of $17,000 were incurred. 4. Overhead was applied at the rate of 40% of direct labor dollars. 5. Completed products costing $42,000 were transferred to finished goods. 6. Products costing $32,000 were sold. PROJECT UPLOAD Once you've completed this assignment, login to the student portal at https:// students.ashworthcollege.edu. To log in, you'll need the username and password that you received via email. From the Student Portal page, enter your username and password (Figure 1). Then click Login. Figure 1 PRINCIPLES OF ACCOUNTING 2 137 GRADED PROJECT Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the \"Assignment Format\" page for specific format requirements. Assignment Details: This assignment will include the three-part graded project described below and 30 multiple choice exam questions (Exam 5) covering this lesson, Corporations and Bonds Payable and the next lesson Investments and Cash Flow. The combined project and exam portions of this Assignment total 100 points. You should complete your work for this project at this time and submit it with the exam questions (available at the Assignments tool) after your next lesson. Part A (5 points each for a possible total of 10 points) 1.\t\u0007After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances. Cash 18,000 Inventory 73,000 Other assets 157,000 Accounts Payable 61,000 Abel, Capital 50,000 Barney, Capital 50,000 Cole, Capital 87,000 \u0007Noncash assets are sold for $275,000. Profits and losses are shared equally. \u0007After all liabilities are paid, divide the remaining cash amongst the partners. PRINCIPLES OF ACCOUNTING 2 75 2.\t\u0007The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows: Cash Other Assets Liabilities Brandon, Capital Ryan, Capital $10,000 8,000 4,000 7,000 7,000 a.\t\u0007If the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets? b.\t\u0007If the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets? Part B (10 points each for a possible total of 20 points) 1.\t\u0007Simon Brothers pays $47,000 into a bond sinking fund each year to redeem the future maturity of its bonds. During the first year, the fund earned $3,825. At the time of bond redemption, the fund has a balance of $417,000. Of this, $400,000 was used to redeem the bonds. Journalize the following entries. a. Initial deposit b. The first year's interest c. The redemption of the bonds 2.\t\u0007On January 1, Auctions Online issued $300,000, 9%, 10-year bonds to lenders at the contract rate. Interest is to be paid semiannually on July 1 and January 1. Journalize the following entries. a. Issued the bonds b. Paid first semiannual interest payment c. 76 Retired the bonds at maturity PRINCIPLES OF ACCOUNTING 2 Part C (10 points each for a possible total of 20 points) 1.\t\u0007Prepare a statement of retained earnings in proper form for White Corporation for the year ended December 31, 2012, from the following: Retained Earnings, January 1, 2012 $2,000 Dividends paid during the year 800 Net income for the year 3,000 Correction of prior year error. Purchase of land recorded as rent expense 1,000 2. Curtis Corporation's balance sheet included the following: Common Stock, $5 par value, 5,000 shares issued and outstanding $25,000 Retained Earnings Total Stockholders' Equity 20,000 $45,000 Prepare journal entries for the following transactions. May 3 Issued 500 shares at $6 per share 9 Reacquired 100 shares at $4 per share 15 Reissued 50 of the Treasury shares at $7 per share 17 Reissued 10 of the Treasury shares at $3 per share PRINCIPLES OF ACCOUNTING 2 77