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MBA-560- unit II Homework




Question;MBOL1: Financial & Managerial AcctingSaint leo UniversityProble 3-253 ? 25 Comprehensive cycle problem;perpetual system;At the beginning of 2012, the;jeater company had that following balances in its accounts;Cash $ 4,300;Inventory 9,000;Common stock 10,000;Retained earnings 3,300;Purchased inventory that cost $2,200 on account from;Blue Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $110 were;paid in cash.;Returned $200 of the inventory that it had purchase because the inventory;was damaged in transit. The freight company agreed to pay the return;freight cost.;Paid the amount due on its account payable to Blue;Company within the cash discount period.;Sold inventory that had cost $3,000 for $5,500 on;account, under terms 2/10, n/45.;Received merchandise returned from a customer. The;merchandise originally cost $400 and was sold to the customer for $710;cash during the previous accounting period. The customer was paid $710;cash for the returned merchandise.;Delivered goods FOB;destination in Event 4. Freight costs of $60 were paid in cash.;Collected the amount due on the account receivable;within the discount period.;Took a physical count indicating that $7,970 of;inventory was on hand at the end of the accounting period.;Required;Identify these events as asset source (AS), asset use;(AU), asset exchange (AE), or claims exchange (CE).;Record each event in a statement model;Problem 4-20The following data apply to superior auto supply inc. for may 20121. Balance per the bank on may 31, $80002. Deposits in transit not recorded by the bank, $9753. Bank error, check written by allen auto supply was charged to superior auto sales account, $6504. The following checks written and recorded by superior auto supply were not included in the bank statement: 3013-$385, 3054-$735, 3056-$19005. Not collected by the bank, $5006. Service charge for the collection of note $107. The book keeper recorded a check written for $188 to pay for the may utilities expense as $888 in the cash disbursements journal8. bank service charge in addition to the note collection fee $259. customer checks returned to the bank as NSF $125Required: determine the amount of unadjusted cash balance per superior auto supply?s books.


Paper#45459 | Written in 18-Jul-2015

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