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ACC 421 week 5 assignment-Transactions for Mehta Company for the month of May are presented below.




Question;1);Transactions for Mehta;Company for the month of May are presented below.;May;1;B.D. Mehta invests $3,300 cash in exchange for common stock of;Mehta Company, a small welding corporation.;3;Buys equipment on account for $1,245.;13;Pays $497 to landlord for May rent.;21;Bills Noble Corp. $511 for welding work done.;Prepare journal entries for each of these transactions.;2);On July 1, 2012, Crowe Co. pays;$19,352 to Zubin Insurance Co. for a 3-year insurance contract. Both companies;have fiscal years ending December 31. For Crowe Co. journalize the entry on;July 1 and the adjusting entry on December 31. (Round;answers to zero decimal places, e.g. 2,555.);3);Dresser Company's weekly;payroll, paid on Fridays, totals $6,100. Employees work a 5-day week. Prepare;Dresser's adjusting entry on Wednesday, December 31, and the journal entry to;record the $6,100 cash payment on Friday, January 2. (List multiple debit/credit entries from largest to smallest;amount, e.g. 10, 5, 2.);4);Side Kicks has year-end account;balances of Sales $900,990, Interest Revenue $15,300, Cost of Goods Sold;$559,960, Operating Expenses $226,990, Income Tax Expense $36,710, and;Dividends $22,699. Prepare the year-end closing entries. (List multiple debit/credit entries from largest to smallest;amount, e.g. 10, 5, 2.);5);Starr Co. had sales revenue;of $627,800 in 2012. Other items recorded during the year were;Cost of goods sold;$324,500;Wage expense;128,700;Income tax expense;26,700;Increase in value of company reputation;19,300;Other operating expenses;11,700;Unrealized gain on value of patents;20,000;6);Prepare a single-step;income statement for Allen for 2012. Allen has 100,000 shares of stock;outstanding.(List multiple entries from largest to smallest;amount, e.g. 10, 5, 2. Round earnings per share to 2 decimal places, e.g. 0.20.;Enter all amounts as positive amounts and subtract where necessary.);7);Portman Corporation has;retained earnings of $707,080 at January 1, 2012. Net income during 2012 was;$1,811,090, and cash dividends declared and paid during 2012 totaled $76,490.;Prepare a retained earnings statement for the year ended December 31, 2012. Assume;an error was discovered: land costing $87,050 (net of tax) was charged to;repairs expense in 2009. (Enter all amounts as;positive amounts and subtract where necessary.);8);On January 1, 2012, Richards;Inc. had cash and common stock of $63,530. At that date the company had no;other asset, liability or equity balances. On January 2, 2012, it purchased for;cash $21,710 of equity securities that it classified as available-for-sale. It;received cash dividends of $4,940 net of tax during the year on these securities.;In addition, it has an unrealized holding gain on these securities of $6,880;net of tax. Determine the following amounts for 2012: (a) net income, (b);comprehensive income, (c) other comprehensive income, and (d) accumulated other;comprehensive income (end of 2012).;9);Armstrong Corporation reported;the following for 2012: net sales $1,229,700, cost of goods sold $750,700;selling and administrative expenses $335,300, and an unrealized holding gain on;available-for-sale securities $17,400.;10)Prepare a statement of comprehensive income, using the two-income;statement format. Ignore income taxes and earnings per share.(Enter all amounts as positive amounts and;subtract where necessary.);11);Guillen, Inc. began work on a;$7,088,400 contract in 2012 to construct an office building. Guillen uses the;completed-contract method. At December 31, 2012, the balances in certain;accounts were construction in process $1,752,600, accounts receivable $252,600;and billings on construction in process $1,108,600. Indicate how these accounts;would be reported in Guillen's December 31, 2012, balance sheet.;12);Lazaro, Inc. sells goods on the;installment basis and uses the installment-sales method. Due to a customer;default, Lazaro repossessed merchandise that was originally sold for $890;resulting in a gross profit rate of 40%. At the time of repossession, the;uncollected balance is $710, and the fair value of the repossessed merchandise;is $281. Prepare Lazaro's entry to record the repossession. (List multiple debit/credit entries from largest to smallest;amount, e.g. 10, 5, 2.);13);Harding Corporation has the;following accounts included in its December 31, 2012, trial balance: Accounts;Receivable $118,190, Inventories $297,600, Allowance for Doubtful Accounts;$9,260, Patents $75,110, Prepaid Insurance $9,630, Accounts Payable $85,580;Cash $27,010. Prepare the current assets section of the balance sheet listing;the accounts in proper sequence.;14);Patrick Corporation's adjusted;trial balance contained the following asset accounts at December 31, 2012;Prepaid Rent $21,860, Goodwill $55,710, Franchise Fees Receivable $4,820;Franchises $40,540, Patents $34,850, Trademarks $13,780. Prepare the intangible;assets section of the balance sheet. (List;amounts from largest to smallest, e.g. 10, 5, 3, 2.);15);Hawthorn Corporation's adjusted;trial balance contained the following accounts at December 31, 2012: Retained;Earnings $123,010, Common Stock $707,490, Bonds Payable $109,630, Additional;Paid-in Capital $209,230, Goodwill $64,340, Accumulated Other Comprehensive;Loss $151,180. Prepare the stockholders' equity section of the balance sheet. (List entries in order of stock preferred status. For;negative numbers use either a negative sign preceding the number, e.g. -45 or;parenthesis, e.g. (45).);16)Keyser Beverage Company reported the following items in the most;recent year.;Net income;$40,910;Dividends paid;5,060;Increase in accounts receivable;11,930;Increase in accounts payable;7,940;Purchase of equipment (capital expenditure);8,940;Depreciation expense;6,940;Issue of notes payable;20,350;Compute net cash flow;provided by operating activities and the net change in cash during the year.(List amounts from largest positive to smallest positive followed by;most negative to least negative, e.g. 15, 14, 10, -17, -5, -1. For negative;numbers use either a negative sign preceding the number e.g. -45 or parenthesis;e.g. (45).);17);Ames Company reported;2012 net income of $151,290. During 2012, accounts receivable increased by;$15,170 and accounts payable increased by $9,720. Depreciation expense was;$46,910. Prepare the cash flows from operating activities section of the;statement of cash flows.(List amounts from;largest positive to smallest positive followed by most negative to least negative;e.g. 15, 14, 10, -17, -5, -1. For negative numbers use either a negative sign;preceding the number e.g. -45 or parenthesis e.g. (45).);18)Martinez Corporation engaged in the following cash transactions;during 2012.;Sale of land and building;$195,500;Purchase of treasury stock;48,320;Purchase of land;37,490;Payment of cash dividend;91,480;Purchase of equipment;55,440;Issuance of common stock;152,150;Retirement of bonds;101,240;Compute the net cash;provided (used) by investing activities.(List;multiple entries from the largest positive to the smallest positive amount;followed by the most negative to the least negative amount, e.g. 15, 14, 10;-17, -5, -1. For negative numbers use either a negative sign preceding the;number, e.g. -45 or parenthesis, e.g. (45).);19);Chris Spear invested $10,619;today in a fund that earns 8% compounded annually. To what amount will the;investment grow in 3 years? To what amount would the investment grow in 3 years;if the fund earns 8% annual interest compounded semiannually? (Round answers to 2 decimal places, e.g. 12,250.25. Hint: Use;tables in text.);20);Amy Monroe wants to create a;fund today that will enable her to withdraw $26,920 per year for 8 years, with;the first withdrawal to take place 5 years from today. If the fund earns 9%;interest, how much must Amy invest today? (Round;the answer to zero decimal places, e.g. 120,250. Hint: Use tables in text.);21)Zach Taylor is settling a $30,000 loan due today by making 6 equal;annual payments of $7,091.29.;22)What payments must Zach Taylor make to settle the loan at the;interest rate of 11%, but with the 6 payments beginning on the day the loan is;signed?(Round answer to 2;decimal places, e.g. 2,250.25. Hint: Use tables in text.)


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