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Title : BUSN 5600 QC F2 2019 ACCOUNTING THEORY AND PRACTICE ASSIGNMENT WEEK 3 QUIZ CONNECT


Instructions :

Complete the quiz: Accounting Theory and Practice week 2, show calculations and fill in correct answers in boxes provided

Description :

BUSN 5600 QC F2 2019 ACCOUNTING THEORY AND PRACTICE ASSIGNMENT WEEK 3 QUIZ CONNECT 1. The balance in Happ, Inc.’s general ledger Cash account was $24,860 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $22,260. Reconciling items included deposits in transit, $2,400; bank service charges, $140; NSF check written by a customer and returned with the bank statement, $900; outstanding checks, $760; and interest credited to the account during September but not recorded on the company’s books, $80. Required: a. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items for Happ, Inc., at September 30. (Use amounts with + for increases and amounts with – for decreases.) b. What is the amount of cash to be included in the September 30 balance sheet for the company’s bank account? 2. The balance in Happ, Inc.’s general ledger Cash account was $24,860 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $22,260. Reconciling items included deposits in transit, $2,400; bank service charges, $140; NSF check written by a customer and returned with the bank statement, $900; outstanding checks, $760; and interest credited to the account during September but not recorded on the company’s books, $80. Required: Prepare a bank reconciliation as of September 30 for Happ, Inc. 3. Sales during the year were 700 units. Beginning inventory was 400 units at a cost of $10 per unit. Purchase 1 was 500 units at $12 per unit. Purchase 2 was 300 units at $14 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) 4. The Allowance for Bad Debts account had a balance of $10,600 at the beginning of the year and $12,200 at the end of the year. During the year (including the year-end adjustment), bad debts expense of $18,800 was recognized. Required: Calculate the total amount of past-due accounts receivable that were written off as uncollectible during the year. (Hint: Make a T-account for the Allowance for Bad Debts account, plug in the amounts that you know, and solve for the missing amount.) 5. The balance in Happ, Inc.’s general ledger Cash account was $13,640 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $12,230. Reconciling items included deposits in transit, $1,310; bank service charges, $125; NSF check written by a customer and returned with the bank statement, $560; outstanding checks, $490; and interest credited to the account during September but not recorded on the company’s books, $95. Required: Prepare a bank reconciliation as of September 30 for Happ, Inc. 6. The balance in Happ, Inc.’s general ledger Cash account was $13,750 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $12,330. Reconciling items included deposits in transit, $1,320; bank service charges, $130; NSF check written by a customer and returned with the bank statement, $570; outstanding checks, $500; and interest credited to the account during September but not recorded on the company’s books, $100. Required: a. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items for Happ, Inc., at September 30. (Use amounts with + for increases and amounts with – for decreases.) b. What is the amount of cash to be included in the September 30 balance sheet for the company’s bank account? 7. At the beginning of the year, accounts receivable were $159,000 and the allowance for bad debts was $13,000. During the year, sales (all on account) were $615,000, cash collections were $595,000, bad debts expense totaled $18,700, and $13,500 of accounts receivable were written off as bad debts. Required: Calculate the balances at the end of the year for the Accounts Receivable and Allowance for Bad Debts accounts. (Hint: Use T-accounts to analyze each of these accounts, plug in the amounts that you know, and solve for the ending balances.) 8. The Allowance for Bad Debts account had a balance of $6,100 at the beginning of the year and $7,700 at the end of the year. During the year (including the year-end adjustment), bad debts expense of $11,000 was recognized. Required: Calculate the total amount of past-due accounts receivable that were written off as uncollectible during the year. (Hint: Make a T-account for the Allowance for Bad Debts account, plug in the amounts that you know, and solve for the missing amount.) 9. Sales during the year were 540 units. Beginning inventory was 210 units at a cost of $4 per unit. Purchase 1 was 270 units at $5 per unit. Purchase 2 was 430 units at $6 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.) 10. The beginning inventory was 310 units at a cost of $11 per unit. Goods available for sale during the year were 1,330 units at a total cost of $16,060. In May, 610 units were purchased at a total cost of $7,320. The only other purchase transaction occurred during October. Ending inventory was 565 units. Required: a. Calculate the number of units purchased in October and the cost per unit purchased in October. b-1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) Solution stepwise Beginning inventory 310 units @ $ 11 per unit = $ ? May purchases 610 units @ ? per unit = 7,320 October purchases ? units @ ? per unit = ? Goods available for sale 1,330 units $ 16,060 Sales ? units Ending inventory 565 units ________________________________________ Use the information available to solve for the missing information. Number of units purchased in October = 1,330 – 310 – 610 = 410 units Number of units sold = 1,330 – 565 = 765 units Cost of beginning inventory = 310 units @ $11 = $3,410 Cost per unit purchased in May = $7,320 / 610 units = $12 per unit Cost of October purchases = $16,060 – $3,410 – $7,320 = $5,330 Cost per unit purchased in October = $5,330 / 410 units = $13 per unit b-2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)

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