Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and the income statement of Pinta Manufacturing Company

P16-32B Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and the income statement of Pinta Manufacturing Company.

Requirement

1. Fill in the missing words (___) and amounts (X).

Click here for the solution: Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and the income statement of Pinta Manufacturing Company

For each of the following depreciable assets, determine the missing amount (?)

E11-5 Depreciation methods; solving for unknowns

For each of the following depreciable assets, determine the missing amount (?). Abbreviations for depreciation methods are SL for straight line, SYD for sum-of-the-years' digits, and DDB for double-declining balance.

Asset Cost Residual Value Service of Life Depreciation Method Depreciation (Yr 2)
A ? $20,000 5 DDB $24,000
B $40,000 ? 8 SYD 7,000
C 65,000 5,000 ? SL 6,000
D 230,000 10,000 10 ? 22,000
E 200,000 20,000 8 150% DB ?


Click here for the solution: For each of the following depreciable assets, determine the missing amount (?)

Prepare the missing adjusting entry

Prepare the missing adjusting entry. For each journal entry write Dr for debit and Cr for credit.

A) Unearned rent at 1/1/10 was $5,300 and at 12/31/10 was $6,000. The records indicate cash receipts from rental sources during 2010 amounted to $60,000, all of which was credited to Unearned Rent Account. Prepare the missing adjusting entry.

B) Data relating to the balances of various accounts affected by adjusting or closing entries appear below. (The entries which caused the changes in the balances are not given). Supply the missing journal entries which would logically account for the changes in the account balances. Interest receivable at 1/1/10 was $5,000. During 2010 cash received from debtors for interest on outstanding notes receivable amounted to $5,000. The 2010 income statement showed interest revenue in the amount of $4,900. Provide the missing adjusting entry that must have been made, assuming reversing entries are not made.

C) Accumulated depreciation-equipment at 1/1/10 was $200,000. At 12/31/10, the balance of the account was $320,000. During 2010, one piece of equipment was sold. The equipment had an original cost of $50,000 and was 1/2 depreciated when sold. Prepare the missing adjusting entry.

D) Allowance for doubtful accounts on 1/1/10 was $40,000. The balance in the allowance account on 12/31/10 after making the annual adjusting entry was $60,000 and during 2010 bad debts written off amounted to $30,000. Provide the missing adjusting entry.

E) Prepaid rent at 1/1/10 was $50,000. During 2010 rent payments of $110,000 were made and charged to "rent expense." The 2010 income statement shows as a general expense the item "rent expense" in the amount of $135,000. You are to prepare the missing adjusting entry that must have been made, assuming reversing entries are not made.

F) Retained Earnings at 1/1/10 was $0 and at 12/31/10 was $400,000. During 2010, cash dividend of $50,000 were paid and a stock dividend of $100,000 was issued. Both dividends were properly charged to retained earnings. Provide the missing closing entry.


Click here for the solution: Prepare the missing adjusting entry

Compute the missing information from this post-closing trial balance

4. Compute the missing information from this post-closing trial balance.

Cash $34,689
Accounts Receivable 9,467
Prepaid Rent 5,000
Prepaid Insurance (A)
Supplies 944
Accounts Payable $5,389
Wages Payable (B)
Common Stock 37,049
Retained Earnings 8,234
_______ _______
Total $52,356 $52,356


Click here for the solution: Compute the missing information from this post-closing trial balance

Use your knowledge of balance sheets to fill in the missing amounts

Use your knowledge of balance sheets to fill in the missing amounts:

ASSETS
Cash $50,000
Accounts receivable 80,000
Inventory 100,000
Total current assets ---------
Gross plant and equipment --------
Less: accumulated depreciation 130,000
Net plant and equipment 600,000
Total assets

LIABILITIES
Accounts payable $12,000
Notes payable 50,000
Total current liabilities _____
Long-term debt _____
Total liabilities ------
Common stock ($1 par, 100,000 shares)_____
Paid-in capital 250,000
Retained earnings 200,000
Total stockholders' equity _____
Total liabilities and equity 830,000

Click here for the solution: Use your knowledge of balance sheets to fill in the missing amounts

Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts

Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts:

ASSETS
Cash $25,000 3.4%
Accounts receivable $125,000 _____
Inventory _______ 27.1%
Total current assets $350,000 ______
Gross plant and equipment _______ 95.0%
Less: accumulated depreciation $313,000 42.5%
Net plant and equipment _______ ______
Total assets $737,000 100.0%

LIABILITIES
Accounts payable _______ 15.7%
Notes payable $29,000 3.9%
Total current liabilities _______ _____
Long-term debt $248,000 33.6%
Total liabilities $393,000 _____
Common stock ($.01 par, 450,000 shares) $4,500 0.6%
Paid-in capital $220,500 29.9%
Retained earnings _______ _____
Total stockholders’ equity $344,000 46.7%
Total liabilities and equity _______ 100.0%

Click here for the solution: Use your knowledge of balance sheets and common-size statements to fill in the missing dollar amounts