# Accounting Homework Help

Q uestion

## Financial & Managerial Accounting, Chapter 6, 8, and 9

Description:

These assignments are shorter and hopefully doesn't take too long. Chapters have been partially filled out as you can see below.

Chapter 6

1.

eBook

Perpetual Inventory Using FIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

The business maintains a perpetual inventory system, costing by the first-in, first-out method.

a.  Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. If units are in inventory at two different costs, enter the OLDEST units first.

 Cost of the Merchandise Sold Schedule
 First-in, First-out Method
 Portable DVD Players
 Date

 Quantity Purchased

 Purchases Unit Cost

 Purchases Total Cost

 Quantity Sold

 Cost of Merchandise Sold Unit Cost

 Cost of Merchandise Sold Total Cost

 Inventory Quantity

 Inventory Unit Cost

 Inventory Total Cost
 April 1

 120

 \$ 39

 \$ 4,680
 April 6

 90

 \$ 39

 \$ 3510

 30

 39

 1170
 April 14

 140

 \$ 40

 \$ 5600

 30

 39

 1170

 140

 40

 5600
 April 19

 30

 39

 1170

 60

 40

 2400

 80

 40

 3200

 April 25

 45

 40

 1800

 15

 40

 600
 April 30

 160

 43

 6880

 15

 40

 600

 160

 43

 6880
 April 30

 Balances

 \$ 9680

 \$ 7480

• b.  Based upon the preceding data, would you expect the inventory to be higher or lower using thelast-in, first-out method?

Lower

• 2.

eBook

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales data for portable DVD players are as follows:

The business maintains a perpetual inventory system, costing by the last-in, first-out method.

Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. If units are in inventory at two different costs, enter the OLDEST units first.

 Schedule of Cost of Merchandise Sold
 LIFO Method
 Portable DVD Players
 Date

 Quantity Purchased

 Purchases Unit Cost

 Purchases Total Cost

 Quantity Sold

 Cost of Merchandise Sold Unit Cost

 Cost of Merchandise Sold Total Cost

 Inventory Quantity

 Inventory Unit Cost

 Inventory Total Cost
 Apr. 1

 120

 \$ 39

 \$ 4,680
 Apr. 6

 \$

 \$

 Apr. 14

 \$

 \$

 Apr. 19

 Apr. 25

 Apr. 30

 Apr. 30

 Balances

 \$

 \$

3.

eBook

Weighted Average Cost Flow Method Under Perpetual Inventory System

The following units of a particular item were available for sale during the calendar year:

The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale. Present the data in the form illustrated inExhibit 5. Round unit cost to two decimal places, if necessary.

 Schedule of Cost of Merchandise Sold Weighted Average Cost Flow Method Purchases Cost of Merchandise Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 _________________ \$   _________________ \$   _________________ Apr. 19 _________________ \$   _________________ \$   _________________ _________________ _________________ _________________ June 30 _________________ \$   _________________ \$   _________________ _________________ _________________ _________________ Sept. 2 _________________ _________________ _________________ _________________ _________________ _________________ Nov. 15 _________________ _________________ _________________ _________________ _________________ _________________ Dec. 31 Balances \$   _________________ _________________ \$   _________________ \$   _________________

4.

eBook

Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

There are 48 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods.

 Cost of Merchandise Inventory and Cost of Merchandise Sold
 Inventory Method

 Merchandise Inventory

 Merchandise Sold
 First-in, first-out (FIFO)

 \$

 \$
 Last-in, first-out (LIFO)

 Weighted average cost

Chapter 8

1.

eBook

Providing for Doubtful Accounts

At the end of the current year, the accounts receivable account has a debit balance of \$6,125,000 and net sales for the year total \$66,800,000.

a.     The allowance account before adjustment has a debit balance of \$18,000. Bad debt expense is estimated at ¾ of 1% of net sales.

b.    The allowance account before adjustment has a debit balance of \$18,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of \$475,000.

c.     The allowance account before adjustment has a credit balance of \$10,000. Bad debt expense is estimated at ½ of 1% of net sales.

d.    The allowance account before adjustment has a credit balance of \$10,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of \$360,000.

Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.

 a. \$ blank b. \$ blank c. \$ blank d. \$ blank

2.

eBook Problem-Solving StrategyProblem-Solving StrategyProblem-Solving Strategy

Entries Related to Uncollectible Accounts

The following transactions were completed by The Irvine Company during the current fiscal year ended December 31:

Required:

1.  Enter the January 1 credit balance of \$26,000 in the T account (below) forAllowance for Doubtful Accounts.

2. a.  Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the \$1,785,000 balance in accounts receivable reflects the adjustments made during the year.

 Feb. 8
 Cash
 blank
 blank
 Allowance for Doubtful Accounts
 blank
 blank
 Accounts Receivable-DeCoy Co.
 blank
 blank

 May 27-reinstate
 blank
 blank

 blank

 blank

 May 27-collection
 blank
 blank

 blank

 blank

 Aug. 13
 blank
 blank

 blank

 blank

 Oct. 31-reinstate
 blank
 blank

 blank

 blank

 Oct. 31-collection
 blank
 blank

 blank

 blank

 Dec. 31-write-off
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank

 blank
 blank

 blank

 blank

1. b.Post each entry that affects the following selected T accounts and determine the new balances:
 Allowance for Doubtful Accounts Select blank Jan. 1 Balance blank Select blank Select blank Select blank Select blank Select blank Select blank Dec. 31 Adj. Balance blank

• Hint(s)
• 3.  Determine the expectednet realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
\$

blank

1.  Assuming that instead of basing the provision for uncollectible accounts on an analysis ofreceivables, the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the net sales of \$18,200,000 for the year, determine the following:
2.  Bad debt expensefor the year.
\$

blank

1.  Balance in the allowance account after the adjustment of December 31.
\$

blank

1.  Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
\$

blank

• 3.

eBook

Sales and Notes Receivable Transactions

The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems.

Required:

Journalize the entries to record the transactions. Assume 360 days in a year. For a compound entry, if an amount box does not require an entry, leave it blank.

 Jan. 3

 Feb. 10-sale

 Feb. 10-cost

 Feb. 13-sale

 Feb. 13-cost

 Mar. 12

 Mar. 14

 Apr. 3

 May 11

 May 13

 July 12

 Aug. 1

 Oct. 5-sale

 Oct. 5-cost

 Oct. 15

Chapter 9

1.

 eBook Revision of Depreciation A building with a cost of \$780,000 has an estimated residual value of \$90,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. a.  What is the amount of the annual depreciation? \$ blank b.  What is the book value at the end of the twenty-fourth year of use? \$ blank c.  If at the start of the twenty-fifth year it is estimated that the remaining life is 10 years and that the residual value is \$70,000, what is the depreciation expense for each of the remaining 10 years?  \$ blank

2.

eBook

Entries for Sale of Fixed Asset

Equipment acquired on January 8, 2011, at a cost of \$420,000, has an estimated useful life of 15 years, has an estimatedresidual value of \$30,000, and is depreciated by the straight-line method.

1.  What was thebook valueof the equipment at December 31, 2014, the end of the year?
\$   _________________
2.  Assume that the equipment was sold on October 1, 2015, for \$275,000.

1.  Journalize the entry to record depreciation for the nine months until the sale date.

2. Journalize the entry to record the sale of the equipment. If an amount box does not require an entry, leave it blank.

3.

eBook

Disposal of Fixed Asset

Equipment acquired on January 6, 2011, at a cost of \$714,000, has an estimated useful life of 12 years and an estimatedresidual value of \$44,400.

1.  What was the annual amount ofdepreciationfor the years 2011, 2012, and 2013, using the straight-line methodof depreciation?
 Year Depreciation Expense 2011 \$   _________________ 2012 \$   _________________ 2013 \$   _________________
1.  What was thebook valueof the equipment on January 1, 2014?
\$   _________________

c.  Assuming that the equipment was sold on January 3, 2014, for \$525,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

d.  Assuming that the equipment had been sold on January 3, 2014, for \$560,000 instead of \$525,000, journalize the entry to record the sale. If an amount box does not require an entry, leave it blank.

4.

eBook

Depletion Entries

Crazy Jim's Mining Co. acquired mineral rights for \$21,750,000. The mineral deposit is estimated at 15,000,000 tons. During the current year, 3,600,000 tons were mined and sold.

1.  Determine the amount of depletion expense for the current year. Round the depletion rate to two decimals places.
\$   _________________

b.  Journalize the adjusting entry to recognize the depletion expense.

5.

eBook

Amortization Entries

Voss Company acquired patent rights on January 6, 2011, for \$480,000. The patent has a useful life equal to its legal life of eight years. On January 3, 2014, Voss successfully defended the patent in a lawsuit at a cost of \$80,000.

1.  Determine the patent amortization expense for the current year ended December 31, 2014.
\$   _________________

b.  Journalize the adjusting entry to recognize the amortization.

6.

eBook Problem-Solving StrategyProblem-Solving StrategyProblem-Solving StrategyProblem-Solving StrategyProblem-Solving StrategyProblem-Solving StrategyProblem-Solving Strategy

Depreciation by Three Methods; Partial Years

Perdue Company purchased equipment on April 1, 2012, for \$270,000. The equipment was expected to have a useful life of three years, or 18,000 operating hours, and a residual value of \$9,000. The equipment was used for 7,500 hours during 2012, 5,500 hours in 2013, 4,000 hours in 2014, and 1,000 hours in 2015.

Required:

Determine the amount of depreciation expense for the years ended December 31, 2012, 2013, 2014, and 2015, by (a) thestraight-line method, (b) units-of-output method, and (c) the double-declining-balance method.

Note: FOR DECLINING BALANCE ONLY, round the multiplier to four decimal places. Then round the answer for each year to the nearest whole dollar.

a.  Straight-line method

 Year Amount 2012 \$ blank 2013 \$ blank 2014 \$ blank 2015 \$ blank

b.  Units-of-output method

 Year Amount 2012 \$ blank 2013 \$ blank 2014 \$ blank 2015 \$ blank

c.  Double-declining-balance Method

 Year Amount 2012 \$ blank 2013 \$ blank 2014 \$ blank 2015 \$ blank

7.

eBook Problem-Solving StrategyProblem-Solving StrategyProblem-Solving StrategyProblem-Solving StrategyProblem-Solving StrategyProblem-Solving StrategyProblem-Solving Strategy

Depreciation by Two Methods; Sale of Fixed Asset

New lithographic equipment, acquired at a cost of \$800,000 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of \$90,000. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected.

In the first week of the fifth year, the equipment was sold for \$135,000.

Required:

1.  Determine the annual depreciation expense for each of the estimated five years of use, the accumulated depreciation at the end of each year, and thebook valueof the equipment at the end of each year by the following methods:
2.  Straight-line method
 Year Depreciation Expense Accumulated Depreciation, End of Year Book Value, End of Year 1 \$ blank \$ blank \$ blank 2 \$ blank \$ blank \$ blank 3 \$ blank \$ blank \$ blank 4 \$ blank \$ blank \$ blank 5 \$ blank \$ blank \$ blank
1.  Double-declining-balance method
 Year Depreciation Expense Accumulated Depreciation, End of Year Book Value, End of Year 1 \$ blank \$ blank \$ blank 2 \$ blank \$ blank \$ blank 3 \$ blank \$ blank \$ blank 4 \$ blank \$ blank \$ blank 5 \$ blank \$ blank \$ blank

2.  Journalize the entry to record the sale, assuming double-declining balance method is used. If an amount box does not require an entry, leave it blank.

 Cash
 135000
 blank
 Accumulated Depreciation-Equipment
 696320
 blank
 Equipment
 blank
 800000
 Gain on Sale of Equipment
 blank
 31320

3.  Journalize the entry to record the sale, assuming that the equipment was sold for \$88,750 instead of \$135,000. If an amount box does not require an entry, leave it blank.

 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank
 blank

Please let me know ASAP of any information I can provide that might help. Thank you thank you for all your time and help.

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