ACC 291 Week 5 Apply: Connect Assignment

0 items
ACC 291 Week 5 Apply: Connect Assignment
ACC 291 Week 5 Apply: Connect Assignment
$9.99
  • Description

ACC 291 Week 5 Apply: Connect Assignment

1

Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019.

ACCOUNTSDebitCredit
Cash$23,900
Petty Cash Fund600
Notes Receivable, due 202011,600
Accounts Receivable94,000
Allowance for Doubtful Accounts$5,800
Merchandise Inventory232,000
Warehouse Supplies2,840
Office Supplies1,400
Prepaid Insurance9,600
Land44,000
Building176,000
Accumulated Depreciation—Building52,800
Warehouse Equipment36,000
Accumulated Depreciation—Warehouse Equipment16,800
Delivery Equipment50,000
Accumulated Depreciation—Delivery Equipment19,200
Office Equipment24,000
Accumulated Depreciation—Office Equipment11,400
Notes Payable, due 202020,000
Accounts Payable38,800
Interest Payable560
Mortgage Payable60,000
Loans Payable, Long-term16,000
Charles Ronie, Capital (Jan. 1)449,760
Charles Ronie, Drawing126,800
Income Summary242,000232,000
Sales1,681,000
Sales Returns and Allowances18,000
Interest Income1,560
Purchases765,000
Freight In13,600
Purchases Returns and Allowances8,240
Purchases Discounts10,960
Warehouse Wages Expense197,600
Warehouse Supplies Expense6,900
Depreciation Expense—Warehouse Equipment5,600
Salaries Expense—Sales267,200
Travel and Entertainment Expense21,300
Delivery Wages Expense60,130
Depreciation Expense—Delivery Equipment9,600
Salaries Expense—Office70,400
Office Supplies Expense3,800
Insurance Expense6,000
Utilities Expense9,090
Telephone Expense6,320
Payroll Taxes Expense58,000
Property Taxes Expense5,400
Uncollectible Accounts Expense5,600
Depreciation Expense—Building8,800
Depreciation Expense—Office Equipment3,800
Interest Expense8,000
Totals$2,624,880$2,624,880

Required:

  1. Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.
  2. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the period.
  3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year.

Analyze:

What is the current ratio for this business?

 

2

Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firm’s worksheet for the year ended December 31, 2019.

AccountsDebitCredit
Cash$97,200
Petty Cash Fund500
Notes Receivable, due 202019,000
Accounts Receivable138,400
Allowance for Doubtful Accounts$2,000
Interest Receivable190
Merchandise Inventory126,700
Warehouse Supplies1,500
Office Supplies520
Prepaid Insurance2,840
Land14,200
Building98,000
Accumulated Depreciation—Building15,800
Warehouse Equipment18,000
Accumulated Depreciation—Warehouse Equipment8,600
Office Equipment7,600
Accumulated Depreciation—Office Equipment3,000
Notes Payable, due 202013,200
Accounts Payable55,100
Interest Payable220
Loans Payable—Long-Term8,000
Mortgage Payable11,000
Colin O’Brien, Capital (Jan. 1)322,350
Colin O’Brien, Drawing68,850
Income Summary129,600126,700
Sales1,074,300
Sales Returns and Allowances6,600
Interest Income400
Purchases445,000
Freight In8,000
Purchases Returns and Allowances11,850
Purchases Discounts7,440
Warehouse Wages Expense106,800
Warehouse Supplies Expense4,000
Depreciation Expense—Warehouse Equipment1,600
Salaries Expense—Sales149,900
Travel Expense22,200
Delivery Expense35,625
Salaries Expense—Office83,200
Office Supplies Expense1,040
Insurance Expense8,075
Utilities Expense6,200
Telephone Expense3,100
Payroll Taxes Expense29,800
Building Repairs Expense1,900
Property Taxes Expense14,600
Uncollectible Accounts Expense1,780
Depreciation Expense—Building3,800
Depreciation Expense—Office Equipment1,440
Interest Expense2,200
Totals$1,659,960$1,659,960

Required:

  1. Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.
  2. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the period.
  3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than one year.

Analyze:

What percentage of total operating expenses is attributable to warehouse expenses?

3

Superior Hardwood Company distributes hardwood products to small furniture manufacturers. The adjusted trial balance data given below is from the firm’s worksheet for the year ended December 31, 2019.

ACCOUNTSDebitCredit
Cash$23,200
Petty Cash Fund500
Notes Receivable, due 202010,900
Accounts Receivable87,000
Allowance for Doubtful Accounts$5,100
Merchandise Inventory225,000
Warehouse Supplies2,770
Office Supplies1,330
Prepaid Insurance7,500
Land37,000
Building169,000
Accumulated Depreciation—Building48,600
Warehouse Equipment32,500
Accumulated Depreciation—Warehouse Equipment14,700
Delivery Equipment46,500
Accumulated Depreciation—Delivery Equipment17,800
Office Equipment20,500
Accumulated Depreciation—Office Equipment9,300
Notes Payable, due 202019,300
Accounts Payable38,100
Interest Payable490
Mortgage Payable56,500
Loans Payable, Long-term12,500
Charles Ronie, Capital (Jan. 1)404,860
Charles Ronie, Drawing126,100
Income Summary235,000225,000
Sales1,667,000
Sales Returns and Allowances17,300
Interest Income1,490
Purchases758,000
Freight In12,900
Purchases Returns and Allowances7,540
Purchases Discounts10,260
Warehouse Wages Expense190,600
Warehouse Supplies Expense6,200
Depreciation Expense—Warehouse Equipment4,900
Salaries Expense—Sales260,200
Travel and Entertainment Expense20,600
Delivery Wages Expense59,430
Depreciation Expense—Delivery Equipment8,900
Salaries Expense—Office69,700
Office Supplies Expense3,100
Insurance Expense5,300
Utilities Expense8,390
Telephone Expense5,620
Payroll Taxes Expense54,500
Property Taxes Expense4,700
Uncollectible Accounts Expense4,900
Depreciation Expense—Building8,100
Depreciation Expense—Office Equipment3,100
Interest Expense7,300
Totals$2,538,540$2,538,540

Required:

  1. Prepare a classified income statement for the year ended December 31, 2019. The expense accounts represent warehouse expenses, selling expenses, and general and administrative expenses.
  2. Prepare a statement of owner’s equity for the year ended December 31, 2019. No additional investments were made during the period.
  3. Prepare a classified balance sheet as of December 31, 2019. The mortgage payable extends for more than a year.

Analyze:

What is the current ratio for this business?