ACC 560 Week 6 Assignment
E10-14 The Sports Equipment Division of Brandon McCarthy Company is operated as a profit center. Sales for the division were budgeted for 2008 at $900,000. The only variable costs budgeted for the division were cost of goods sold ($440,000) and selling and administrative ($60,000). Fixed costs were budgeted at $100,000 for cost of goods sold, $90,000 for selling and administrative and $70,000 for noncontrollable fixed costs. Actual results for these items were:
Sales $880,000
Cost of goods sold
Variable 409,000
Fixed 105,000
Selling and administrative
Variable 61,000
Fixed 67,000
Noncontrollable fixed 80,000
Instructions
(a) Prepare a responsibility report for the Sports Equipment Division for 2008.
(b) Assume the division is an investment center, and average operating assets were $1,000,000. Compute ROI
Click here for the solution: The Sports Equipment Division of Brandon McCarthy Company is operated as a profit center
Showing posts with label operated. Show all posts
Showing posts with label operated. Show all posts
Friday, September 25, 2015
For the past several years, Emily Page has operated a part-time consulting business from her home
PR 4-6A For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was to be known as Bottom Line Consulting, on a full-time basis. Bottom Line Consulting entered into the following transactions during June:
June 1: The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500, supplies, $2,000; and office equipment, $11,500. There were no liabilities received.
1. Paid three months rent on a lease rental contract, $6,000.
2. Paid the premiums on property casualty insurance policies, $2,400.
AND SO ON
Check: 8. Net Income $16,455
Click here for the solution: For the past several years, Emily Page has operated a part-time consulting business from her home
June 1: The following assets were received from Emily Page: cash, $20,000; accounts receivable, $4,500, supplies, $2,000; and office equipment, $11,500. There were no liabilities received.
1. Paid three months rent on a lease rental contract, $6,000.
2. Paid the premiums on property casualty insurance policies, $2,400.
AND SO ON
Check: 8. Net Income $16,455
Click here for the solution: For the past several years, Emily Page has operated a part-time consulting business from her home
Tuesday, September 8, 2015
For the past several years, Sara Keith has operated a part-time consulting business from her home
ACC 1800 – Accounting Procedures
Fall 2011 - Comprehensive Problem
For the past several years, Sara Keith has operated a part-time consulting business from her home. As of June 1, 2011, Sara decided to move to rented quarters and to operate the business, which was to be known as S&K Consulting, on a full-time basis. S&K Consulting entered into the following transactions during June:
June 1 The following assets were received from Sara Keith: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received.
June 1 Paid three month’s rent on a lease contract, $6,000.
June 2 Paid the annual premiums on property and casualty insurance policies, $2,400.
June 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.
June 5 Purchased additional office equipment on account, $3,500.
June 6 Received cash from clients on account, $3,000.
June 10 Paid cash for a newspaper advertisement, $200.
June 12 Paid for part of the debt incurred on June 5, $750.
June 12 Recorded services provided on account for the period June 1-12, $5,100.
June 14 Paid part-time receptionist for two weeks’ salary, $1,100.
June 17 Recorded cash from clients for fees earned for the period June 1-16, $6,500.
June 18 Paid cash for supplies, $750.
June 20 Recorded services provided on account for the period June 13-20, $3,100.
June 24 Recorded cash from cash clients for fees earned for the period June 17-24, $5,150.
June 26 Received cash from clients on account, $6,900.
June 27 Paid part-time receptionist for two weeks’ salary, $1,100.
June 29 Paid telephone bill for June, $150.
June 29 Paid electricity bill for June, $400.
June 30 Recorded cash from cash clients for fees earned for the period June 25-30, $2,500.
June 30 Recorded services provided on account for the remainder of June, $1,100.
June 30 Sara withdrew $5,000 for personal use.
Instructions:
1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited.
11 Cash 31 Sara Keith, Capital
12 Accounts Receivable 32 Sara Keith, Withdrawals
14 Supplies 41 Service Revenue
15 Prepaid Rent 51 Salary Expense
16 Prepaid Insurance 52 Rent Expense
18 Office Equipment 53 Supplies Expense
19 Accumulated Depreciation 54 Depreciation Expense
21 Accounts Payable 55 Insurance Expense
22 Salaries Payable 59 Miscellaneous Expense
23 Unearned Service Revenue
2. Open T-accounts and post the journal entries to the T-accounts.
3. Complete a worksheet at end of June using the following adjustment data:
a. Insurance expired during June is $200.
b. Supplies on hand on June 30 are $650.
c. Depreciation of office equipment for June is $250.
d. Accrued receptionist salary on June 30 is $220.
e. Rent expired during June is $2,000.
f. Unearned service revenue on June 30 is $1,875.
4. Prepare an income statement, a statement of owner’s equity and a balance sheet.
5. Journalize and post the adjusting entries.
6. Journalize and post the closing entries.
7. Compute final balances in each T-account.
8. Prepare the post-closing trial balance.
Click here for the solution: For the past several years, Sara Keith has operated a part-time consulting business from her home
Fall 2011 - Comprehensive Problem
For the past several years, Sara Keith has operated a part-time consulting business from her home. As of June 1, 2011, Sara decided to move to rented quarters and to operate the business, which was to be known as S&K Consulting, on a full-time basis. S&K Consulting entered into the following transactions during June:
June 1 The following assets were received from Sara Keith: cash, $20,000; accounts receivable, $4,500; supplies, $2,000; and office equipment, $11,500. There were no liabilities received.
June 1 Paid three month’s rent on a lease contract, $6,000.
June 2 Paid the annual premiums on property and casualty insurance policies, $2,400.
June 4 Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $2,700.
June 5 Purchased additional office equipment on account, $3,500.
June 6 Received cash from clients on account, $3,000.
June 10 Paid cash for a newspaper advertisement, $200.
June 12 Paid for part of the debt incurred on June 5, $750.
June 12 Recorded services provided on account for the period June 1-12, $5,100.
June 14 Paid part-time receptionist for two weeks’ salary, $1,100.
June 17 Recorded cash from clients for fees earned for the period June 1-16, $6,500.
June 18 Paid cash for supplies, $750.
June 20 Recorded services provided on account for the period June 13-20, $3,100.
June 24 Recorded cash from cash clients for fees earned for the period June 17-24, $5,150.
June 26 Received cash from clients on account, $6,900.
June 27 Paid part-time receptionist for two weeks’ salary, $1,100.
June 29 Paid telephone bill for June, $150.
June 29 Paid electricity bill for June, $400.
June 30 Recorded cash from cash clients for fees earned for the period June 25-30, $2,500.
June 30 Recorded services provided on account for the remainder of June, $1,100.
June 30 Sara withdrew $5,000 for personal use.
Instructions:
1. Journalize each transaction in a two-column journal, referring to the following chart of accounts in selecting the accounts to be debited and credited.
11 Cash 31 Sara Keith, Capital
12 Accounts Receivable 32 Sara Keith, Withdrawals
14 Supplies 41 Service Revenue
15 Prepaid Rent 51 Salary Expense
16 Prepaid Insurance 52 Rent Expense
18 Office Equipment 53 Supplies Expense
19 Accumulated Depreciation 54 Depreciation Expense
21 Accounts Payable 55 Insurance Expense
22 Salaries Payable 59 Miscellaneous Expense
23 Unearned Service Revenue
2. Open T-accounts and post the journal entries to the T-accounts.
3. Complete a worksheet at end of June using the following adjustment data:
a. Insurance expired during June is $200.
b. Supplies on hand on June 30 are $650.
c. Depreciation of office equipment for June is $250.
d. Accrued receptionist salary on June 30 is $220.
e. Rent expired during June is $2,000.
f. Unearned service revenue on June 30 is $1,875.
4. Prepare an income statement, a statement of owner’s equity and a balance sheet.
5. Journalize and post the adjusting entries.
6. Journalize and post the closing entries.
7. Compute final balances in each T-account.
8. Prepare the post-closing trial balance.
Click here for the solution: For the past several years, Sara Keith has operated a part-time consulting business from her home
Monday, August 17, 2015
Emerald Health Care Inc. is owned and operated by Dr. Julie Weinstein, the sole stockholder
Emerald Health Care Inc. is owned and operated by Dr. Julie Weinstein, the sole stockholder. During March 2009, Emerald Health Care entered into the following transactions:
March 1 - Received $12,000 from Moloney Company as rent for the use of a vacant office in Emerald Health Care’s building. Moloney paid the rent six months in advance.
March 1 – Paid $5,400 for an insurance premium on a general business policy.
March 6 – Purchased supplies of $1,425 on account.
March 9 – Collected $13,500 for services provided to customers on account.
March 11 – Paid creditors $2,400 on account.
March 18 – Invested an additional $40,000 in the business in exchange for capital stock.
March 20 – Billed patients $37,200 for services provided on account.
March 25 – Received $10,000 for services provided to customers who paid cash.
March 30 – Paid expenses as follows: wages, $18,000; utilities, $5,250; rent on medical equipment, $4,000; interest, $400; and miscellaneous, $1,000.
March 30 – Paid dividends of $3,000 to stockholders (Dr. Weinstein).
Instructions:
Analyze and record the March transactions for Emerald Health Care Inc. using the integrated financial statement framework. Record each transaction by date and show the balance for each item after each transaction. The March 1, 2009 balances for the balance sheet are shown below.
Click here for the solution: Emerald Health Care Inc. is owned and operated by Dr. Julie Weinstein, the sole stockholder
March 1 - Received $12,000 from Moloney Company as rent for the use of a vacant office in Emerald Health Care’s building. Moloney paid the rent six months in advance.
March 1 – Paid $5,400 for an insurance premium on a general business policy.
March 6 – Purchased supplies of $1,425 on account.
March 9 – Collected $13,500 for services provided to customers on account.
March 11 – Paid creditors $2,400 on account.
March 18 – Invested an additional $40,000 in the business in exchange for capital stock.
March 20 – Billed patients $37,200 for services provided on account.
March 25 – Received $10,000 for services provided to customers who paid cash.
March 30 – Paid expenses as follows: wages, $18,000; utilities, $5,250; rent on medical equipment, $4,000; interest, $400; and miscellaneous, $1,000.
March 30 – Paid dividends of $3,000 to stockholders (Dr. Weinstein).
Instructions:
Analyze and record the March transactions for Emerald Health Care Inc. using the integrated financial statement framework. Record each transaction by date and show the balance for each item after each transaction. The March 1, 2009 balances for the balance sheet are shown below.
Click here for the solution: Emerald Health Care Inc. is owned and operated by Dr. Julie Weinstein, the sole stockholder
Galloway Company is a small editorial services company owned and operated by Fran Briggs
Problem 3-5A Adjusting Entries and Adjusted Trial Balances
Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31, 2012, the end of the current year, Galloway Company's accounting clerk prepared the unadjusted trial balance shown below.
AND SO ON
The data needed to determine year-end adjustments are as follows:
a. Unexpired insurance at July 31, $4,800.
b. Supplies on hand at July 31, $600.
c. Depreciation of building for the year, $3,100.
d. Depreciation of equipment for the year, $2,700.
e. Rent unearned at July 31, $1,750.
f. Accrued salaries and wages at July 31, $3,000.
g. Fees earned but unbilled on July 31, $10,750.
Required:
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense.
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
Check: 2. Total of Debit Column: $819,550
Click here for the solution: Galloway Company is a small editorial services company owned and operated by Fran Briggs
Galloway Company is a small editorial services company owned and operated by Fran Briggs. On July 31, 2012, the end of the current year, Galloway Company's accounting clerk prepared the unadjusted trial balance shown below.
AND SO ON
The data needed to determine year-end adjustments are as follows:
a. Unexpired insurance at July 31, $4,800.
b. Supplies on hand at July 31, $600.
c. Depreciation of building for the year, $3,100.
d. Depreciation of equipment for the year, $2,700.
e. Rent unearned at July 31, $1,750.
f. Accrued salaries and wages at July 31, $3,000.
g. Fees earned but unbilled on July 31, $10,750.
Required:
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense.
2. Determine the balances of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
Check: 2. Total of Debit Column: $819,550
Click here for the solution: Galloway Company is a small editorial services company owned and operated by Fran Briggs
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