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ACC 290 Week 4 WileyPLUS - 100% Correct

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ACC 290 Week 4 WileyPLUS - 100% Correct

 

Question 1
Mike Greenberg opened Clean Window Washing Inc. on July 1, 2014. During July, the following transactions were completed.
July 1        Issued 12,023 shares of common stock for $12,023 cash.
1        Purchased used truck for $8,023, paying $2,050 cash and the balance on account.
3        Purchased cleaning supplies for $917 on account.
5        Paid $2,280 cash on a 1-year insurance policy effective July 1.
12        Billed customers $4,890 for cleaning services.
18        Paid $1,037 cash on amount owed on truck and $506 on amount owed on cleaning supplies.
20        Paid $2,070 cash for employee salaries.
21        Collected $1,753 cash from customers billed on July 12.
25        Billed customers $2,620 for cleaning services.
31        Paid $370 for maintenance of the truck during month.
31        Declared and paid $616 cash dividend.

Journalize the July transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous question.)

Prepare a trial balance at July 31.

Journalize the following adjustments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
(1)        Services performed but unbilled and uncollected at July 31 were $1,871.
(2)        Depreciation on equipment for the month was $217.
(3)        One-twelfth of the insurance expired.
(4)        An inventory count shows $320 of cleaning supplies on hand at July 31.
(5)        Accrued but unpaid employee salaries were $446.

Post adjusting entries to the T-accounts.

Prepare an adjusted trial balance.

Prepare the income statement for July.

Prepare a retained earnings statement for July. (List items that increase retained earnings first.)

Prepare a classified balance sheet at July 31. (List current assets in order of liquidity.)

Journalize closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Prepare a post-closing trial balance at July 31.

 

Question 2
      
Presented here are the components in Casilla Company’s income statement.

Determine the missing amounts.

 

Question 3

Gerish Company buys merchandise on account from Mangus Company. The selling price of the goods is $1,413 and the cost of the goods sold is $792. Both companies use perpetual inventory systems.

Journalize the transactions on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

Question 4
The financial statements of Tootsie Roll are presented below.
What was the percentage change in total revenue and in net income from 2010 to 2011? (Round answers to 1 decimal places, e.g. 15.2%. Show decrease with either a negative sign, e.g. -15.2% or in parentheses, e.g. (15.2)%.)

What was the profit margin in each of the 3 years? (Use “Total Revenue.”). (Round answers to 1 decimal places, e.g. 15.2%.)

What was Tootsie Roll’s gross profit rate in each of the 3 years? (Use “Net Product Sales” amounts.). (Round answers to 1 decimal places, e.g. 15.2%.)


Question 5
      
The financial statements of The Hershey Company and Tootsie Roll are presented below.

Based on the information contained in these financial statements, determine the following values for each company. (Round all percentages to 1 decimal places, e.g. 17.5%, and all other answers to thousands.)

(1) Profit margin for 2011. (For Tootsie Roll, use “Total Revenue.”)

(2) Gross profit for 2011. (For Tootsie Roll, use “Product” amounts.)

(3) Gross profit rate for 2011. (For Tootsie Roll, use “Product” amounts.)

(4) Operating income for 2011.

(5) Percentage change in operating income from 2011 to 2010. (Show decrease with either a negative sign, e.g. -15.2% or in parentheses, e.g. (15.2)%.)

 

Question 6
      
For each of the following income statement line items, state whether the item is a “by nature” expense item or a “by function” expense item.

 

Question 7
      
The company’s complete annual report, including the notes to its financial statements, is available in the Investor Relations section at www.zetarplc.com.

Visit Zetar’s corporate website and answer the following questions from Zetar’s 2011 annual report.

What is the approximate tax rate of Zetar’s “Tax on profit from continuing activities”? (Round answer to 0 decimal places, e.g. 25%.)


Question 8
      
The operating cycle of a merchandising company is ordinarily shorter than that of a service company.

 True
 
False

Question 9
      
Which of the following is a merchandiser that sells directly to consumers?

 
Service enterprise

 Customer

 Retailer

 Wholesaler


Question 10
   
Which is true about a wholesaler?

It sells only to manufacturing companies.

It is a company that sells to consumers at a discount.

It sells to another business, which will sell to a consuming customer.

It conducts large sales for consumers on a recurring basis.

 

 

 

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