1. The following data is available for Tommy's Toys for the years 2008 through 2011 (10 points) 201e S7646 $7. Cot of pood wd Accots payabl A Calcalate the orats payalde t ratie fir the fieming yoars STAIS SLO23 SLA22 2 2010 B Calcelate the ahar ef days it is tuking Tony's Toys to pay their vendors (nea 65 day yew 2011 200 3. 2009 C. Eplhin uhether Tomny's Toys is ding a bener jeb of pasing their vende in a timely manner. 2. Complete the following balance sheet by entering the appropriate amounts in the blanks provided. (10 points) ASSETS Cah Accounts roccivale Ruilding Aecmlated dprocistion Total Asets LIABILITIES Acorunts Payale Notes payable, hort-term lacome tases payab Total current liahilitie Mortgage payable Total Lalities SIS00 (B) 35,000 I1.000 120 25.000 STOCKHOLDERS EQUITY Contrilted capital 21 15.000 Retained caraing Total Stoclden Equity Total Liabilities and Sockedders Equity Part III. Comprehensive Questions (15*2-30') Davis Consulting is both doing consulting service and selling accounting software and uses the perpetual inventory system to account for software inventory. During January, Davis Consulting completed the following transactions: Jan. 1 Issued 10,000 of shares with the par value of $5, received S100,000. 2 Completed a consulting engagement and received cash of $7,800. 2 Prepaid three months office rent, $1,650. 7 Purchased 80 units software inventory on account, $1,680, plus freight in, $80. (S/15, EOM) 18 Sold 40 software units on account, S3,500 (cost $880). (3/10, n/30) 19 Borrow 5,000 of cash from a bank. 20 Paid employee salaries, $2,055, which includes accrued salaries from December of 1,000. 21 Paid on account, $1,760. 22 Received full payment of the sale on Jan. 18. 24 Paid utilities, $250. 25 Paid for half of the inventory bought in Jan. 7. 28 Bought 1,000 shares of stock back and paid for 7,000. (cost method) 31 Recorded the following adjusting entries: a. Accrued salaries expense, S686 b. depreciation, S100 (equipment, $30; Furniture, $70) c. expiration of prepaid rent, $550 1. The following data is available for Tommy's Toys for the years 2008 through 2011 (10 points) 201e S7646 $7. Cot of pood wd Accots payabl A Calcalate the orats payalde t ratie fir the fieming yoars STAIS SLO23 SLA22 2 2010 B Calcelate the ahar ef days it is tuking Tony's Toys to pay their vendors (nea 65 day yew 2011 200 3. 2009 C. Eplhin uhether Tomny's Toys is ding a bener jeb of pasing their vende in a timely manner. 2. Complete the following balance sheet by entering the appropriate amounts in the blanks provided. (10 points) ASSETS Cah Accounts roccivale Ruilding Aecmlated dprocistion Total Asets LIABILITIES Acorunts Payale Notes payable, hort-term lacome tases payab Total current liahilitie Mortgage payable Total Lalities SIS00 (B) 35,000 I1.000 120 25.000 STOCKHOLDERS EQUITY Contrilted capital 21 15.000 Retained caraing Total Stoclden Equity Total Liabilities and Sockedders Equity Part III. Comprehensive Questions (15*2-30') Davis Consulting is both doing consulting service and selling accounting software and uses the perpetual inventory system to account for software inventory. During January, Davis Consulting completed the following transactions: Jan. 1 Issued 10,000 of shares with the par value of $5, received S100,000. 2 Completed a consulting engagement and received cash of $7,800. 2 Prepaid three months office rent, $1,650. 7 Purchased 80 units software inventory on account, $1,680, plus freight in, $80. (S/15, EOM) 18 Sold 40 software units on account, S3,500 (cost $880). (3/10, n/30) 19 Borrow 5,000 of cash from a bank. 20 Paid employee salaries, $2,055, which includes accrued salaries from December of 1,000. 21 Paid on account, $1,760. 22 Received full payment of the sale on Jan. 18. 24 Paid utilities, $250. 25 Paid for half of the inventory bought in Jan. 7. 28 Bought 1,000 shares of stock back and paid for 7,000. (cost method) 31 Recorded the following adjusting entries: a. Accrued salaries expense, S686 b. depreciation, S100 (equipment, $30; Furniture, $70) c. expiration of prepaid rent, $550