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Accounting Midterm Help needed ASAP!!

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Question

You are given the following 12/31/2013 and excerpts from the 3/31/2014 Balance Sheet for;ABC Retailing along with a record of ABC?s cash receipts and disbursements for the first;calendar quarter of 2014.;ABC RETAIL INC. 12/31/2013 BALANCE SHEET;Assets 12/31/13 Liabilities and OE 12/31/13;Cash 24 Accounts Payable 18;Accts Receivable 21 Salaries and Wages Payable 4;Inventory 67 Deferred Revenue 15;Note Receivable 20 Dividends Payable 5;Prepaid Rent Expense 30 Bank Loans;and Accrued Interest 150;Land 25;Buildings & Equipment 460;Less: Common Stock 100;Accum Dep (195);Trademarks ? net book value 40 Retained Earnings 200;Total Assets 492 Total Liabs and OE 492;ABC RETAIL INC. 3/31/2014 BALANCE SHEET;Assets 3/31/14 Liabilities and OE 3/31/14;Cash? Accounts Payable 25;Accts Receivable 35 Salaries and Wages Payable 6;Inventory 90 Deferred Revenue 10;Note Receivable 16 Dividends Payable 8;Prepaid Rent Expense 38 Bank Loans;and Accrued Interest 155;Land 25;Buildings & Equipment?;Less: Common Stock 100;Accum Dep (210);Trademarks ? net book value 39 Retained Earnings?;Total Assets? Total Liabs and OE?;3;Cash Receipts and Disbursements for the period 1/1/2014 ? 3/31/2014;Receipts;Collections from customers............ 550;From sale of Buildings and Equipment.... 60;Payments received on Note Receivable.... 5;Disbursements;Purchases of Inventory................. 300;Purchases of Buildings and Equipment..... 75;Payments of Rent..................... 100;Payments to salaries and wages........... 55;Payments of dividends.................. 5;Payments of Taxes..................... 25;Payments of Interest.................... 4;PART I In this part you will be asked to reconstruct some of the transactions that took place during Q1;2014. You will also use this information in the subsequent parts of this exam.;1) XYZ recognized Depreciation Expense of $25 during Q1 2014. Give the journal entry for the;recognition of Depreciation Expense during Q1 of 2014.;2) XYZ recognized a Gain on Sale of Building and Equipment of $15 during Q1 2014. Give the;journal entry for the sale of Building and Equipment during Q1 of 2014.;4;3) How much inventory was purchased by XYZ during Q1 2014? (HINT: All Accounts Payable;are for Inventory.);4) Given your answer to the previous question, what was Cost of Goods Sold Expense for XYZ;during Q1 2014?;5) What was Sales Revenue during Q1 2014?;6) What was Rent Expense during Q1 2014?;7) What was Interest Expense during Q1 2014?;5;8) All cash receipts for Notes Receivable during Q1 2014 are principal payments. What was Interest;Revenue on Notes Receivable during Q1 2014?;9) What was Salary and Wage Expense during Q1 2014?;6

 

Paper#76557 | Written in 18-Jul-2015

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