ACC 291T Apply Assignment Week 5 Connect Assignment (June 2019) (with Excel File)
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ACC 291T Apply Assignment Week 5 Connect Assignment (June 2019) (with Excel File)

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This Tutorial contains excel file which can be used in case the value changes 1) The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31,2019.All accounts have normal balances. Cash $27,945 Accounts Receivable 46,200 Note Receivable 8,000 Merchandise inventory 34,200 Prepaid Insurance 2,200 Supplies 1,260 Equipment 42,000 Accumulated depreciation,equipment 22,000 Note payable to bank,due 2020 20,000 Accounts payable 28,700 Interest payable 200 Sales 522,500 Sales discounts 1,700 Cost of goods sold 388,025 Accounts Receivable at December 31,2018, was $56,300.Merchandise at December 31,2018, was $57,100.Based on the account balances above,Calculate the following: a. The gross profit percentage. b. Working capital. c. The current ratio. d. The inventory turnover. e. The accounts receivable turnover. All sales wer on credit 2) Solomon Company reports the following in its most recent year of operations: • Sales ,$1,040,400(all on account) • Cost of Goods sold ,$601,400 • Gross Profit,$439,000 • Accounts receivable,beginning of year,$92,000 • Accounts receivable,end of year,$112,000 • Merchandaise inventory,beginning of year,$57,000 • Merchandaise inventory,end of year.$67,000 Based on these balances,compute: a. The accounts receivable turnover. b. The inventory turnover. 3) The worksheet of Bridget’s Office Supplies contains the following revenue, cost and expenses account. The merchandise inventory amounted to $59,675 on January 1, 2019 and $52,625 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $248,200 Cr. 451 Sales Returns and Allowances 4,340 Dr. 491 Miscellaneous Income 390 Cr. 501 Purchases 103,500 Dr. 502 Freight In 1,965 Dr. 503 Purchases Returns and Allowances 3,590 Cr. 504 Purchases Discounts 1,790 Cr. 611 Salaries Expense-Sales 45,200 Dr. 614 Store Supply Expense 2,300 Dr. 617 Depreciation Expense-Store Equipment 1,500 Dr. 631 Rent Expense 13,400 Dr. 634 Utilities Expense 2,990 Cr. 637 Salaries Expense-Office 21,000 Cr. 640 Payroll Taxes Expense 5,900 Dr. 643 Depreciation Expense-Office Equipment 560 Dr. 646 Uncollectible Accounts Expense 710 Dr. 691 Interest expense 720 Dr. Prepare a classified income statement for this firm for the year ended December 31,2019. 4) The Worksheet of Bridger’s Office Supplies contains the following revenue,cost and expense accounts.The merchandise inventory amounted to $58.175 on January 1,2019,and$51,125 on December 31,2019. The expense accounts numbered 611 through 617 represent selling expenses,and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $244,400 Cr. 451 Sales Returns and Allowances 4,190 Dr. 491 Miscellaneous Income 240 Cr. 501 Purchases 102,000 Dr. 502 Freight In 1,815 Dr. 503 Purchases Returns and Allowances 3,440 Cr. 504 Purchases Discounts 1,640 Cr. 611 Salaries Expenses-Sales 43,700 Dr. 614 Store Supplies Expense 2,150 Dr. 617 Depreciation Expense-Store Equipment 1,350 Dr. 631 Rent,Expense 11,900 Dr. 634 Utilities Expense 2,840 Dr. 637 Salaries Expense-Office 19,500 Dr. 640 Payroll Taxes Expense 4,400 Dr. 643 Depreciation Expense-Office Equipment 410 Dr. 646 Uncollectible Accounts Expense 560 Dr. 691 Interest Expense 420 Dr. The worksheet of Bridget’s Office Supplies contains the following owner’s equity accounts. 301 Bridget Swanson, Capital $62,160 Cr. 302 Bridget Swanson, Drawing 41,000 Dr. 5) The beginning capital balance shown on a statement of owner’s equity is $110,000.Net income for the period is $51,000. The owner withdrew $25,500 cash from the business and made no additional investments during the period. The owner’s capital balance at the end of the period is o 186,500 o $135,500 o $110,000 o $161,000 6) A Company reported gross profit of $93,000, total operating expenses of $49,500 and interest income of $3,800. What is the income from operations? o $43,500 o $35,900 o $39,700 o $47,300 7) 2019 Dec.31 (Adjustment a) Uncollectible Accounts Expense Allowance for Doubtful Accounts To record estimated loss from Uncollectible accounts based on 0.5% of net credit sales,$728,000 3,640.00 3,640.00 31 (Adjustment b) Supplies Expense To record supplies used during the year 5,000.00 5,000.00 31 (Adjustment c) Insurance Expenses Prepaid Insurance To record expired insurance on 1-year $5,760 policy purchased on oct.1 1,440.00 1,440.00 31 (Adjustment d) Depreciation. Exp- Store Equipment Accum. Depreciation-Store Equip. To record depreciation 14,600.00 14,600.00 31 (Adjustment e) Salaries Expense-office Salaries payable To record accrued salaries for Dec. 29-31 3,100.00 3,100.00 31 (Adjustment f) Payroll Taxes Expense Social Security Tax Payable Medicare Tax Payable TO record accrued payroll taxes on accrued salaries: social security, 6.2% * 3,100 = $192.20; Medicare, 1.45% * 3,100 = $44.95 237.15 192.20 44.95 31 (Adjustment g) Interest Expense Interest Payable To record accrued interest on a 4-month,6% trade note payable dated Nov. 1: $23,000 * 2/12 = $230.00 230.00 230.00 8) The Adjusted Trial Balance section of the worksheet for Van Zant Janitorial Supplies follows.The owner made no additional investments during the year. Accounts Debit Credit Cash $ 19,600 Accounts Receivable 60,000 Allowance for Doubtful Accounts $ 200 Merchandise Inventory 187,200 Supplies 7,240 Prepaid Insurance 3,160 Equipment 52,000 Accumulated Depreciation – Equipment 18,800 9) At the end of the year Stan Still Stationery Store had the following balances: Sales $690,000 ;Sales Dicounts $2,640 ; Sales Returns and Allownces $15,6000 ; Sales Salaries Expense $75,000. The Net Sales for the year are: • $596,760 • $674,400 • $671,760 • $687,360 10) The worksheet of Bridget’s Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,375 on January 1, 2019 and $51,325 on December 31, 2019. The expense accounts numbered 611 through 617 represents selling expenses, and those numbered 631 through 646 represent general and administrative expenses. 401 Sales $ 244,800 Cr. 451 Sales Returns and Allowances 4,210 Dr. 491 Miscellaneous income 260 Cr. 501 Purchases 102,200 Dr. 502 Freight In 1,835 Dr. 503 Purchases Returns and Allowances 3,460 Cr. 504 Purchases Discounts 1,660 Cr. 611 Salaries Expense-Slaes 43,900 Dr. 614 Store Supplies Expense 2,170 Dr. 617 Deprediction Expense- Store Equipment 1,370 Dr. 631 Rent Expense 12,100 Dr. 634 Utilities Expense 2,860 Dr. 637 Salaries Expense-Office 19,700 Dr. 640 Payroll Taxes Expense 4,600 Dr. 643 Depreciation Expense- Office Equipment 430 Dr. 646 Uncollectible Accounts Expense 580 Dr. 691 Interest Expense 460 Dr. The Worksheet of Bridget’s Office Supplies Contains the following owner’s equity accounts. No additional investments were made during the period. 301 Bridget Swanson, Capital $ 62,630 Cr. 302 Bridget Swanson, Drawing 40,900 Dr.

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