Professional Documents
Culture Documents
Acct 220:
Final Exam
Student
Name:
Brandon Tong
12/31/15
12/31/15
Account
Cash A/C
Accounts receivables
Suspense Account
Merchandise Inventory A/C
Cost of goods sold A/C
Suspense Account
Debit
$1,500
$3,500
$3,500
Credit
$1,500
$3,500
$3,500
b. Adjusting Entries:
Date
12/31/15
12/31/15
12/31/15
12/31/15
12/31/15
12/31/15
Account
Interest Receivable
Interest Income
Interest expense on long-term debt (5%*75,000*1/2)
Interest payable
Buildings depreciation expense (3%*150,000)
Accumulated Depreciation
Equip. Depreciation expense (15%*50,000)
Accumulated Depreciation
Salary expense
Salary expense payable
Bad Debt expense [(5%*52,000)-(1,500)]
Allowance for doubtful debts
Debit
$150
$1,875
$4,500
$7,500
$5,500
$4,100
Credit
$150
$1,875
$4,500
$7,500
$5,500
$4,100
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
Account
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Notes Receivable
Merchandise Inventory
Land
Building
Accumulated Depreciation, Building
Equipment
Accumulated Depreciation, Equipment
Goodwill
Accounts Payable
Salaries Payable
Interest expense payable
Long-Term Notes Payable
Common Stock, $10 par, 2,000 shares authorized and
outstanding
Retained Earnings
Sales Revenue
Interest Income
Debit
Credit
$45,000
52,000
$2,600
30,150
51,500
20,000
150,000
19,500
50,000
28,500
26,000
25,000
5,500
1,875
75,000
20,000
147,000
700,000
150
:
Acct 220:
Final Exam
Student
Name:
Salaries Expense
Utilities Expense
Depreciation expense-building
Depreciation expense-equipment
Bad debt expense
Interest expense-long-term debt
Cost of Goods Sold
Administrative Expenses
Sales Expenses
Totals
Brandon Tong
155,500
3,500
4,500
7,500
4,100
1,875
353,500
55,000
15,000
$1,025,125
_______
$1,025,125
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
XYZ Company
Balance Sheet
As of December 31, 2015
Current Assets
Cash
$45,000
Accounts Receivable
$52,000
(2,600)
Notes Receivable
Interest Income Receivable
49,400
30,000
150
Merchandise Inventory
51,500
$176,050
Fixed Assets
Land
20,000
Building
150,000
(19,500)
Equipment
50,000
(28,500)
Goodwill
130,500
21,500
26,000
Total Assets
198,000
$374,050
Current Liabilities
Accounts Payable
$25,000
Salaries Payable
5,500
1,875
$32,375
Long-term Liabilities
75,000
Shareholders Equity
20,000
246,675
$374,050
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
e. Closing Entries:
Date
Account
Debit
Cash
12/31/2015
12/31/2015 Accounts Receivable
12/31/2015 Allowance for Doubtful Accounts
$45,000
30,150
12/31/2015 Land
12/31/2015 Building
20,000
Credit
49,400
4,100
51,500
130,500
19,500
21,500
28,500
26,000
$25,000
5,500
75,000
1,875
20,000
700,000
155,500
3,500
4,500
1,875
55,000
Question 2 (8points)
7,500
353,500
15,000
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
$7,995
b. Sales
$7,900
c. Value of:
Ending Inventory
COGS
$2,857.50
$5,137.50
$3,206.25
$4,788.75
$3,045.71
$4,949.29
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
Question 3 (7points)
Date
Jan. 1
Jan. 15
Jan. 15
Jan. 31
Apr. 15
Account
RunTimeCo
Accounts Receivable- RunTimeCo
Notes Receivable-
Equipment
Notes Payable-
$15,000
$10,000
XYZ
Debit
Co.
Cash
Interest Receivable
RunTimeCo
Interest Income- Warner
Interest Income-
Cash
Notes Receivable-Warner Co.
$30,000
$1,232.88
Cash
Notes Receivable-RunTime Co.
$30,739.73
Notes Payable-
XYZ
Interest Expense
Cash
$10,000
$30,000
$493.15
$30,000
$739.73
$15,493.15
Interest Income
Oct. 15
$15,000
$739.73
Interest Income
May 1
Credit
$15,000.00
$493.15
$10,000
$900
$10,900
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
Question 4: (9points)
a. Answer:
Year
Depreciation Expense
Total Accumulated
End-of-Year
Depreciation
Book Value
$11,000
$11,000
$54,000
$11,000
$22,000
$43,000
$11,000
$33,000
$32,000
$11,000
$44,000
$21,000
$11,000
$55,000
$10,000
b. Answer:
Year
Depreciation Expense
Total Accumulated
End-of-Year
Depreciation
Book Value
$26,000
$26,000
$39,000
$15,600
$41,600
$23,400
$9,360
$50,960
$14,040
$4,040
$55,000
$10,000
$0
$55,000
$10,000
c.
Answer
$7,975.5
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
Question 5 (7points)
Date
Account
Debit
$25,000
15
1,250
3,750
200
1,350
16,537
Cash
Payroll-tax expense
$1,550
363
Credit
$8,463
$1,550
363
1,250
15
3,750
200
January
22
1,350
$8,463
$8,463
:
Acct 220:
Final Exam
Student
Name:
Brandon Tong
Question 6 (4points)
Date
12/31/201
5
12/31/201
5
Account
Bad debt expense [(2,500,000-25,000) x0.5%]
Allowance for doubtful accounts
Bad debt expense [(5%x200,000) -(-1,500]
Allowance for doubtful accounts
Debit
$12,375
Credit
$12,375
$11,500
$11,500