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D e fig for Exercise 58 citra During the first year of operation 012 At the end of 2012. the first year in business, the owner believes Repa i r of service news for this expense will be about percent of the Required What amount of cash did Campins collect a ble during 2012 Assuming Coppins we the allowance had t o collectibles what mohould Coggins conduce pense for 2012 6. What is the tree value of the end of 2012 Show the effects of the above transactions co the facial statements by recording the appropriate amountain a l o t model the shown here Is the Cash How come indicate whether the miss ing activity D e sting activity (IAL or financing activity (A U NA for e cted es - A Exercise 5-11 w form ie Exercise 5-12 Notes receivable-decreed interest On March 1, 2012. Jason De loaned $12,000 to Mark Johnson for one year at 5 percent interest Required Answer the following questions What is so intereste What is Jason's total amount of receivables at December 31, 2012 What amounts will be reported o n 2012 s et of cashews What is Jason's interest income for 2013 What is the total amount of cash that will collect from Mark Johnson What amounts will be reported on 2013 s e t of cash flows What is the total amount of interest Jason Deli carned from the loan to Mark lohnson Exercise 5-14 Effect of credit card sales on financial statements Royal Carpet Cleaning provided 590,000 of services during 2012, its first year of operations. Al customers paid for the services with major credit cards Royal submitted the credit cand receipts to the credit card company immediately. The credit card company paid Royalcash in the amount of face valueless a 3 percent service charge Required a. Record the credit card sales and the subsequent collection of accounts receivable in a hoi zontal statements model like the one shown below. In the Cash Flow column indicate whether the item is an operating activity (OAL investing activity (Alor financing activity (FA). Use NA to indicate that an element is not affected by the cent Assets - liah + Equity Res. - Exp. - Netine Cash Acets. Rec. Answer the following questions: (1) What is the amount of total assets at the end of the accounting period (2) What is the amount of revenue reported on the income statement (3) What is the amount of cash flow from operating activities reported on the statement of cash flows? (4) Why would Royal Carpet Cleaning accept credit cards instead of providing credit directly to its customers in other words, why would Royal be willing to pay 3 percent of sales to have the credit card company handle its sales on account? Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory multiple purchases Laird Company sells coffee makers used in business offices Its beginning inventory of coffee makers was 200 units at $45 per unit. During the year, Laird made two bach purchases of coffee makers. The first was a 300-unit purchase at S50 per unit: the second was a 350-unit purchase at 552 per unit. During the period, Laird sold 800 coffee makers Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Laird uses FIRO LIFO c. Weighted average Exercise 5-20 Effect of inventory cosy flow on ending inventory balance and es margin Bristol Sales had the following transactions for DVDs in 2012. its first year of operations $17 519 Purchased 75 units Purchased 150 units Purchased 200 units Purchased 100 units July 25 Sept. 19 - - - During the year Bristol Sales sold 775 DVDs for $50 each Required 2. Compute the amount of ending inventory Bristol would report on the balance sheet, ing the following cost flow assumptions (1) FIFO (2) LIFO and 3) weighted average Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be wified as long-term operational assets! tvory Buildings 1. Patent e. Production machinery Tracer . Accounts receivable Land e. Prepaid rent Computer Franchise L Goodwill Exercise 6-3 Classifying ringi Meaninungille esses Required Identify each of the following long-term operational assets as either tangible (T) or intangible 2. Retail store building 18th Shelving for mentor 1. Timber 6. Trademark Log loader . Gas well Dental chair . Drilling rig . Goodwill L FOC license for TV L. Computer software Exercise 64 Dewing the top and Northeast Logica purchased clextronie www to cut various types and is of logs. The had a list price of $120,000. The scraprod to allow a 5 percent discount because Northeast puid cash. Delivery terms were FOB shipping point Freight cost amounted to $2.500 Northeast had to hire an individual to the Net h ad form The cost of the platform was $1,000. The operator was paid annual salary of 50.000 The cost of the the policy in by $2.000 per year as a result of aqui ing of the sw. The saw had a fouryear w e despected s ale of St Required Determine the amount to be capital in the asset count for the purchase of the Dari Com i ng The pred value of the two Comput er o wach of the Sport Ouly 1, 2002, the product that co 5300. The up.com kad pected felf eyes and animated 530,000 Sith W es p ectively Cyd-deholde E -9 Ei tea , da r Chway 1. pada 2013 Exercise 6-15 Distinguishing between revente expenditures and capital expenditures Zell's Shredding Service has just completed a minor repair on a shredding machine. The repair cost was $900, and the book value prior to the repair was $5,000. In addition, the company spent S8.000 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $90.000 and related Accumulated Depreciation account at $40,000 Required After the work was completed, what book value should Zell's report on the balance sheet for the shredding machine and the building! LOB Exercise 5-19 Computing and recording the emertinive of images Tous M aturing push to purchase the son g the purchased were the following Part of the Cow Teasfinancial conditions prior to the purchase of th i s shown in the following - + Equity Ree - - Note Cash Flow + Cash MOO Pat NA will NA - - NA + 4,000 NA - NA - NA NA Required a. Compute the annual amortization expense for these items if applicable. h. Record the purchase of the intangible assets and the related amortization expense for year I in a horizontal statements model like the preceding one. Exercise 6-20 Cwuring and reading and will Mike Wallace purchased the business Magnum Supply Co. for $273.000 cash and assumed all labies at the of purchase. M o ksheet of $20,000 Balties of 540.000 n uity of 5340,000. An appraiser Ressed the market value of the table www .270,000 the date of purchase Wallace's financial condition just prior to the purchase is shown in the following u t smedel Aus .. . NA NA NA . NA - NA - NA Required Compute the most of produced Rand the purchase in financial statements modele the precedinge Problem 6-25 Calculating depreciation expense using four different methods O'Brian Service Company purchased a copier on January 1, 2012, for $17,000 and paid an ad ditional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies Salvage was estimated at $1,200. The copier produced 230,000 copies in 2012 and 250,000 copies in 2013 Required Compute the amount of depreciation expense for the copier for calendar years 2012 and 2012, using these methods a. Straight-line Units-of-production D ininhala D e fig for Exercise 58 citra During the first year of operation 012 At the end of 2012. the first year in business, the owner believes Repa i r of service news for this expense will be about percent of the Required What amount of cash did Campins collect a ble during 2012 Assuming Coppins we the allowance had t o collectibles what mohould Coggins conduce pense for 2012 6. What is the tree value of the end of 2012 Show the effects of the above transactions co the facial statements by recording the appropriate amountain a l o t model the shown here Is the Cash How come indicate whether the miss ing activity D e sting activity (IAL or financing activity (A U NA for e cted es - A Exercise 5-11 w form ie Exercise 5-12 Notes receivable-decreed interest On March 1, 2012. Jason De loaned $12,000 to Mark Johnson for one year at 5 percent interest Required Answer the following questions What is so intereste What is Jason's total amount of receivables at December 31, 2012 What amounts will be reported o n 2012 s et of cashews What is Jason's interest income for 2013 What is the total amount of cash that will collect from Mark Johnson What amounts will be reported on 2013 s e t of cash flows What is the total amount of interest Jason Deli carned from the loan to Mark lohnson D e fig for Exercise 58 citra During the first year of operation 012 At the end of 2012. the first year in business, the owner believes Repa i r of service news for this expense will be about percent of the Required What amount of cash did Campins collect a ble during 2012 Assuming Coppins we the allowance had t o collectibles what mohould Coggins conduce pense for 2012 6. What is the tree value of the end of 2012 Show the effects of the above transactions co the facial statements by recording the appropriate amountain a l o t model the shown here Is the Cash How come indicate whether the miss ing activity D e sting activity (IAL or financing activity (A U NA for e cted es - A Exercise 5-11 w form ie Exercise 5-12 Notes receivable-decreed interest On March 1, 2012. Jason De loaned $12,000 to Mark Johnson for one year at 5 percent interest Required Answer the following questions What is so intereste What is Jason's total amount of receivables at December 31, 2012 What amounts will be reported o n 2012 s et of cashews What is Jason's interest income for 2013 What is the total amount of cash that will collect from Mark Johnson What amounts will be reported on 2013 s e t of cash flows What is the total amount of interest Jason Deli carned from the loan to Mark lohnson Exercise 5-14 Effect of credit card sales on financial statements Royal Carpet Cleaning provided 590,000 of services during 2012, its first year of operations. Al customers paid for the services with major credit cards Royal submitted the credit cand receipts to the credit card company immediately. The credit card company paid Royalcash in the amount of face valueless a 3 percent service charge Required a. Record the credit card sales and the subsequent collection of accounts receivable in a hoi zontal statements model like the one shown below. In the Cash Flow column indicate whether the item is an operating activity (OAL investing activity (Alor financing activity (FA). Use NA to indicate that an element is not affected by the cent Assets - liah + Equity Res. - Exp. - Netine Cash Acets. Rec. Answer the following questions: (1) What is the amount of total assets at the end of the accounting period (2) What is the amount of revenue reported on the income statement (3) What is the amount of cash flow from operating activities reported on the statement of cash flows? (4) Why would Royal Carpet Cleaning accept credit cards instead of providing credit directly to its customers in other words, why would Royal be willing to pay 3 percent of sales to have the credit card company handle its sales on account? Exercise 5-18 Allocating product cost between cost of goods sold and ending inventory multiple purchases Laird Company sells coffee makers used in business offices Its beginning inventory of coffee makers was 200 units at $45 per unit. During the year, Laird made two bach purchases of coffee makers. The first was a 300-unit purchase at S50 per unit: the second was a 350-unit purchase at 552 per unit. During the period, Laird sold 800 coffee makers Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Laird uses FIRO LIFO c. Weighted average Exercise 5-20 Effect of inventory cosy flow on ending inventory balance and es margin Bristol Sales had the following transactions for DVDs in 2012. its first year of operations $17 519 Purchased 75 units Purchased 150 units Purchased 200 units Purchased 100 units July 25 Sept. 19 - - - During the year Bristol Sales sold 775 DVDs for $50 each Required 2. Compute the amount of ending inventory Bristol would report on the balance sheet, ing the following cost flow assumptions (1) FIFO (2) LIFO and 3) weighted average Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions Exercise 6-2 Identifying long-term operational assets Required Which of the following items should be wified as long-term operational assets! tvory Buildings 1. Patent e. Production machinery Tracer . Accounts receivable Land e. Prepaid rent Computer Franchise L Goodwill Exercise 6-3 Classifying ringi Meaninungille esses Required Identify each of the following long-term operational assets as either tangible (T) or intangible 2. Retail store building 18th Shelving for mentor 1. Timber 6. Trademark Log loader . Gas well Dental chair . Drilling rig . Goodwill L FOC license for TV L. Computer software Exercise 64 Dewing the top and Northeast Logica purchased clextronie www to cut various types and is of logs. The had a list price of $120,000. The scraprod to allow a 5 percent discount because Northeast puid cash. Delivery terms were FOB shipping point Freight cost amounted to $2.500 Northeast had to hire an individual to the Net h ad form The cost of the platform was $1,000. The operator was paid annual salary of 50.000 The cost of the the policy in by $2.000 per year as a result of aqui ing of the sw. The saw had a fouryear w e despected s ale of St Required Determine the amount to be capital in the asset count for the purchase of the Dari Com i ng The pred value of the two Comput er o wach of the Sport Ouly 1, 2002, the product that co 5300. The up.com kad pected felf eyes and animated 530,000 Sith W es p ectively Cyd-deholde E -9 Ei tea , da r Chway 1. pada 2013 Exercise 6-15 Distinguishing between revente expenditures and capital expenditures Zell's Shredding Service has just completed a minor repair on a shredding machine. The repair cost was $900, and the book value prior to the repair was $5,000. In addition, the company spent S8.000 to replace the roof on a building. The new roof extended the life of the building by five years. Prior to the roof replacement, the general ledger reflected the Building account at $90.000 and related Accumulated Depreciation account at $40,000 Required After the work was completed, what book value should Zell's report on the balance sheet for the shredding machine and the building! LOB Exercise 5-19 Computing and recording the emertinive of images Tous M aturing push to purchase the son g the purchased were the following Part of the Cow Teasfinancial conditions prior to the purchase of th i s shown in the following - + Equity Ree - - Note Cash Flow + Cash MOO Pat NA will NA - - NA + 4,000 NA - NA - NA NA Required a. Compute the annual amortization expense for these items if applicable. h. Record the purchase of the intangible assets and the related amortization expense for year I in a horizontal statements model like the preceding one. Exercise 6-20 Cwuring and reading and will Mike Wallace purchased the business Magnum Supply Co. for $273.000 cash and assumed all labies at the of purchase. M o ksheet of $20,000 Balties of 540.000 n uity of 5340,000. An appraiser Ressed the market value of the table www .270,000 the date of purchase Wallace's financial condition just prior to the purchase is shown in the following u t smedel Aus .. . NA NA NA . NA - NA - NA Required Compute the most of produced Rand the purchase in financial statements modele the precedinge Problem 6-25 Calculating depreciation expense using four different methods O'Brian Service Company purchased a copier on January 1, 2012, for $17,000 and paid an ad ditional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies Salvage was estimated at $1,200. The copier produced 230,000 copies in 2012 and 250,000 copies in 2013 Required Compute the amount of depreciation expense for the copier for calendar years 2012 and 2012, using these methods a. Straight-line Units-of-production D ininhala D e fig for Exercise 58 citra During the first year of operation 012 At the end of 2012. the first year in business, the owner believes Repa i r of service news for this expense will be about percent of the Required What amount of cash did Campins collect a ble during 2012 Assuming Coppins we the allowance had t o collectibles what mohould Coggins conduce pense for 2012 6. What is the tree value of the end of 2012 Show the effects of the above transactions co the facial statements by recording the appropriate amountain a l o t model the shown here Is the Cash How come indicate whether the miss ing activity D e sting activity (IAL or financing activity (A U NA for e cted es - A Exercise 5-11 w form ie Exercise 5-12 Notes receivable-decreed interest On March 1, 2012. Jason De loaned $12,000 to Mark Johnson for one year at 5 percent interest Required Answer the following questions What is so intereste What is Jason's total amount of receivables at December 31, 2012 What amounts will be reported o n 2012 s et of cashews What is Jason's interest income for 2013 What is the total amount of cash that will collect from Mark Johnson What amounts will be reported on 2013 s e t of cash flows What is the total amount of interest Jason Deli carned from the loan to Mark lohnson
