Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

The 2011 balance sheet of Captain Jet Inc. is attached. Throughout 2012, the given events occurred.

A) On January 10, sold merchandise on account to Rayms $9,000 and Fischer $8,600. Terms 2/10, n/30, F.O.B. shipping point.

B) On January 12, purchased merchandise on account from Zapfel $3,200 and Liotta $2,600. Terms 1/10, n/30, F.O.B. destination.

C) On January 14, received checks, $4,500 from Longhini and $2,500 from Hall for sales on account after discount period has lapsed.

D) On January 15, send checks to Joosten for 9,000 less 3% cash discount and to Maida for $10,000 less 2% cash discount.

E) On January 16, issued credit of $500 to Fischer for merchandise returned.

F) On January 21, paid off the balances to Zapfel and Liotta for purchases on January 12.

G) On February 9, received payment in full from Rayms and Fischer.

H) On March 1, paid rent of $4,800 for a 2-year term beginning from May 1, 2013.

I) On April 1, the company CEO paid $49,999 from her savings bank account to purchase a car for the personal use.

J) On April 12, paid $700 cash for office supplies.

K) Cash dividends totaling $1,000 were declared on the June 13 and paid to stockholders on June 23.

L) Issued a note of $120,000 to bank (1 year, annual interest rate of 4%) for cash on July 1.

M) On July 5, purchased merchandise from Maida $32,000, terms 3/10, n/30.

N) On July 7, issued common stock 1000 shares, $10 par, in exchange of a land with the fair market value of $16,000.

O) On July 8, returned $300 of merchandise to Maida and received a credit.

P) On August 1, sold merchandise to the Lachey on account $80,000, term 1/10, n/30, F.O.B. shipping point.

Q) Paid off balance to the Maida on August 4.

R) On August 8, paid utilities expense, $10,209.

S) On August 18, Lachey paid off its balance.

T) On September 1, paid cash $7,500 to the Farmington for merchandise purchased last year.

U) On October 1, paid off notes payable $110,000 (issued in 2010) and related interest $5,000 (comprising $1,500 interest payable on the balance sheet).

V) Over the year, daily cash sales were $16,500.

W) Over the year, sales and office employees earned $46,500 in wages and salaries, of which $2,500 remained as payable at the end of year.

X) On Dec 31, received a utilities bill of $1,250 (for December 2012) and paid off the bill on January 10, 2013.

Additional Information at the end of 2012:

1) Depreciation expenditure for the year was $14,500.

2) The company estimated that it will reimburse federal income tax, $4,250.

3) Subsequent to physically counting, the company decided that the ending inventories were $41,164.

4) Based on its historical data, the bad debts are around 1% of net credit sales.

5) Unearned revenue was reduced by $11,000.

6) The company expenditures all of the supplies purchased throughout the year.

7) No insurance policy was effective throughout the year.

8) The company employs the gross technique to record its purchases and sales on credit.

9) The company adopts the periodic inventory system.

10) Rayms, Fischer and Lachey had zero balance on account as of Jan 1, 2012.

Instructions:

A) Make journal entries for each and every event.

B) Make adjusting entries.

C) Make adjusted trial balance.

D) Make Income Statement, Retained Earnings Statement and the Balance Sheet.

E) Make closing entries.

F) Please use Excel spread sheet (or similar spread-sheet software) to finish the project.

574_balance sheet_1.jpg

2109_balance sheet_2.jpg

Project One: Check Figures

Please use the given check figures for the project one.

Adjusted Trial Balance: Total $1,289,061

Income Statement:

Earnings before income tax: $7,162 Retained Earnings Statement:
Retained Earnings: $154,162

Balance Sheet:
Total assets: $947,452
Total liabilities: $547,540

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9434

Have any Question? 


Related Questions in Accounting Basics

Write a 300- to 500-word response in which you address the

Write a 300- to 500-word response in which you address the following questions from Case, Charitable Contributions and Debt: A Comparison of St. Jude Children's Research Hospital/ALSAC and Universal Health Services: What ...

Focus of the final paperyouve just been hired onto abc

Focus of the Final Paper You've just been hired onto ABC Company as the corporate controller. ABC Company is a manufacturing firm that specializes in making cedar roofing and siding shingles. The company currently has an ...

Problem -firm has consulted with investment bankers and

Problem - Firm has consulted with investment bankers and determined the interest rate it would pay for different capital structures, as shown below. Data for the risk-free rate, the market risk premium, an estimate of fi ...

On december 31 2017 buffalo company signed a 1137500 note

On December 31, 2017, Buffalo Company signed a $1,137,500 note to Carla Bank. The market interest rate at that time was 12%. The stated interest rate on the note was 10%, payable annually. The note matures in 5 years. Un ...

Assignmentpart iexplain what you learn about the

Assignment PART I Explain what you learn about the disclosures of your SEC 10-K company relating to Income Taxes. Your comments should relate to net income or loss as well as to the balance sheet treatment and disclosure ...

Auerbach enterprisescomplete case 3a auerbach

Auerbach Enterprises Complete: Case 3A (Auerbach Enterprises). Auerbach Enterprises manufactures air conditioners for automobiles and trucks manufactured throughout North America. The company designs its products with fl ...

Question 1in using the total cost concept of applying the

Question 1 In using the total cost concept of applying the cost-plus approach to product pricing, only profit is covered in the markup. True False Question 2 What is the effect of a stock dividend on the balance sheet? A ...

1 what is the difference between a significant deficiency

1) What is the difference between a significant deficiency and a material weakness as it relates to internal Control? How does the presence of one material deficiency affect the auditor's report on internal controls unde ...

Question 1the following information relates to the

Question 1 The following information, relates to the imputation credit account (ICA) for Killorglin Park Fair Ltd ("Killorglin Park") for the year ending 31 March 2016. (i) The shareholders as at 31 March 2015 were Donna ...

Problem 1emma and laine form the equal el partnership emma

PROBLEM #1 Emma and Laine form the equal EL Partnership. Emma contributes cash of $100,000. Laine contributes property with an adjusted basis of $40,000 and a fair market value of $100,000. A. How much gain. If any, must ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen