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1. XYX Company was organized December 18. Transactions from December 18 thru December 31:




1. XYX Company was organized December 18. Transactions from December 18 thru December 31;Dec 18 Issued capital stock in exchange for $30,000 cash;Dec 22 Borrowed $20,000 from bank by issuing a note payable;Dec 23 Paid $100 for a radio advertisement aired on Dec 24;Dec 25 Provided $1,000 of services to clients for cash;Dec 26 Provided $2,000 of services to clients on account;Dec 31 Collected $800 cash from clients for the services provided on Dec 26;a. Record each of these transactions;b. Determine the balance in the Cash account on December 31. Indicate whether the balance is debit or credit;2. ABC Corporation?s Retained Earnings account balance was $75,000 on October 1. In October the company recorded;Revenue $100,000;Expenses 60,000;Dividends 5,000;Land purchase 20,000 cash;Determine the company?s Retained Earnings account balance on October 31.;3. ABC Corporation April 1;April 1;Office supplies on hand:$900;Supplies purchased:$600.;Supplies remaining end of month:$400;Prepare the necessary adjusting entry on April 30 to account for office supplies.;4. On January 2, 2006, XXX Corporation purchased equipment costing $72,000. XXX performs adjusting entries monthly.;a. Record this equipment?s depreciation expense on December 31, 2011, assuming its estimated life was eight years on January 2, 2006.;b. Determine the amount of the equipment?s accumulated depreciation reported in the balance sheet dated December 31, 2011.;5. ABC Tax Service had earned?but not yet recorded?the following client service revenue at the end of the current accounting period.;Billable Hourly;Account NumberHours Billing Rate;Account #2055 10 $85;Account #1910 14 $75;Account #1241 16 $90;Prepare the necessary adjusting entry to record ABC?s unbilled client service revenue;6. ABC Corporation?s current year;Total assets decreased by: $60,000;Total liabilities decreased by: $300,000;Stock issued: $100,000;Net income for the year: $250,000;No other changes to stockholders? equity;Determine the dollar amount of dividends declared by the company during the year.;7. XYZ Company;Current year revenue: $800 million;Cost of goods sold $640 million.;Compute XYZ?s gross profit and its gross profit percentage.;8. ABC?s transactions during November of the current year;Nov. 1 Purchases 100 widgets at $50 each;Nov. 5 Sells 50 widgets at $80 each;Compute ABC?s gross profit for November;9. XXX Company;Inventory balance January 1 $300,000;Goods purchased 600,000;Inventory balance Dec 31 250,000;What is total cost of goods sold for year?


Paper#80497 | Written in 18-Jul-2015

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