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1

Accounting

1.The face value of commercial paper borrowings at December 31, 2020, was $6 million. The six-month loan origi- nated on September 1, 2020. a. Prepare the journal entry for issuance of the loan on September 1, 2020, assuming that the loan is discounted at 5.7%. Hint: Discount on Note Payable is equal to 6 months of interest.

2.Young the Giant Corp. was formed in 2018, with 10,000 shares of $100 par value, 5% cumulative, preferred stock and 500,000 shares of $1 par value common stock authorized. The company engaged in the following transactions.

2018:

• On January 2, 2018, the company issued 50,000 shares of common stock at a price of $30 per share.

• January 3, 2018, the company issued 5,000 shares of preferred stock for par value.

• The net loss for 2018 was $800,000. The company closed it out to retained earnings from income summary on December 31. (Prepare that entry.) No dividends were declared.

2019:

• The company repurchased 2,000 shares of common stock on November 25, 2019 at a cost of $35 per share. It is recorded using the cost method.

• The company generated net income during 2019 of $2,000,000. The company closed it out to retained earnings from income summary on December 31. (Prepare that entry.)

• On December 31, 2019, the company announced a total dividend of $150,000. The company records all dividends in one Dividends and one Dividends Payable account, but shows separate preferred and common dividends amounts in journal entry explanations. Required: Show all calculations.

a) Prepare journal entries in proper form for the 2018 and 2019 transactions above. Any calculations must be shown below the entries as part of the explanations.

b) Prepare the stockholders’ equity section of the balance sheet after the two years have passed, so as of December 31, 2019. This excerpt from the balance sheet must:

• Have a proper heading;

• Show all amounts in currency format with zero decimal places;

• Use proper single- and double-underlining;

• Show all categories of shares as part of each category of stock;

• Show par values and the preferred dividend rate, and

• Follow all general formalities.

3.There is no difference between the method of total and unilateral distribution when allocating indirect industrial costs from service centers to production centers.

4.When an infant produces babbling that repeats CV sequences ("da da da da"), this is called babbling. repetitive O sequential O reduplicative O idiomorphic 2 pts D Question 2 Which of the following sounds are acquired early for children who have English as their first language? O rhotics bilabial consonants O laterals O fricatives.

5.Learning Objectives 1, 2, 3, 4, 5, 6 P-F:4-32A Completing the accounting cycle from adjusting entries to post-closing trial balance with an optional worksheet The unadjusted trial balance of Walton Anvils at December 31, 2024, and the data for the adjustments follow: 5. Net Income $18,890 WALTON ANVILS Unadjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash $ 13,480 14,500 2,320 1,700 23,000 Accounts Receivable Prepaid Rent Office Supplies Equipment Accumula el Depreciation Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends $ 1,000 7.100 6,000 24,000 4,500 4,600 Service Revenue 19,500 I 2.500 Salaries Expense Rent Expense Depreciation Expense-Equipment Cinnliar Cunanen
2,500 Salaries Expense Rent Expense Depreciation Expense-Equipment Supplies Expense Total $ 62,100 $ 62,100 Adjustment data: a. Unearned Revenue still unearned at December 31, $1,800. b. Prepaid Rent still in force at December 31, $2,100. c. Office Supplies used, $1,500. d. Depreciation, $390. e. Accrued Salaries Expense at December 31, $200. Requirements 1. Open the T-accounts using the balances in the unadjusted trial balance. 2. Complete the worksheet for the year ended December 31, 2024 (optional). 3. Prepare the adjusting entries and post to the accounts. 4. Prepare an adjusted trial balance. 5. Prepare the income statement, the statement of retained earnings, and the classified balance sheet in report form. 

6.It can be said that the volume of sales that achieve a certain profit rate = the value of sales that achieve a certain profit rate - unit sale price

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1.please see the attached file.

2.A. Journal Entries

Date Account Dr/Cr Amount Calculation
02-Jan-18 Cash A/c Dr        1,500,000  
  Common Stock Account Cr              50,000 50000*1
  Paid in capital account Cr        1,450,000 50000*29
  To record issuance of 50,000 common stock at 30 per share      
         
03-Jan-18 Cash A/c Dr            500,000 5000*100
  Preferred Stock Account Cr            500,000 5000*100
  To record issue of 5000 preferred stock at par      
         
31-Dec-18 Retained Earing A/c Dr            800,000  
  Income Statement Cr 800000  
  To record transfer of income summary to retained earning      
         
         
25-Nov-19 Treasury Stock Account Dr              70,000 2000*35
  Cash A/c Cr              70,000 2000*35
  To record purchase of 2000 shares at 35      
         
31-Dec-19 Income Statement Dr        2,000,000  
  Retained Earing A/c Cr        2,000,000  
  To record transfer of income summary to retained earning      
         
31-Dec-19 One Dividend A/c Dr            150,000  
  One Dividend Payable Cr            150,000  
  To record 50,000 dividend to Common stock (for 2018 & 2019) & 100,000 dividend for common shares      
         
31-Dec-19 Retained Earning A/c Dr            150,000  
  One Dividend A/c Cr            150,000  
  To record one dividend transferred to retained earning      

Note : The preferred stock is 5% cumulative which means preferred stock will be entiteld to dividend of earlier period if not declared hence in 2019 preferred stock will get divided for 2018 & 2019.

B. Balance Sheet Extract as on 31st Dec 2019

Liabilities Amount Basis of calculation
     
Authorised Capital    
10,000 5% Cumulative Preferred Stock of 100 1,000,000.00 10000*100
500,000 Common Stock of Rs.1      500,000.00 500000*1
     
Paid Up Capital    
5,000 5% Cumulative Preferred Stock of 100      500,000.00 5000*100
50,000 Common Stock of Rs.1        50,000.00 50000*1
Paid in capital account 1,450,000.00 50000*29
2,000 Treasury Stock        70,000.00 2000*35
Total Paid Up Capital 2,070,000.00  
     
Retained Earning        1,050,000 (-800,000+2,000,000-150,000)
     
One Dividend Payable      150,000.00  

 

3.false there is a difference between method of total and unilateral distribution when allocating indirect industrial cost from service centre to production center . as in total method cost is allocated directly on basis of labour or machine hour where as in unilateral it is tranfered according to each service particular department uses.

4. Reduplicative

?????Reason: Reduplicated babbling also known as canonical babbling are the repeated syllables consisting of consonntsc and a vowel such as "da da da da".

2. Fricatives

Reason: Fricative a consonant sound, produced by bringing the mouth into position to block the passage of the airstream but not making complete closure, so that air moving make mouth generates audible friction.

5.

Cash Account
Particulars Amount ($) Particulars Amount ($)
Balance (Debit) 13480    
       
       
Accounts Receivable
Particulars Amount ($) Particulars Amount ($)
Balance (Debit) 14500    
       
       
Prepaid Rent
Particulars Amount ($) Particulars Amount ($)
Balance (Debit) 2320 Rent Expense 220
       
Balance (adjusted) 2100    
       
Office Supplies
Particulars Amount ($) Particulars Amount ($)
Balance (Debit) 1700 Office Supplies Expense 1500
       
Balance (adjusted) 200    
       
       
Equipment
Particulars Amount ($) Particulars Amount ($)
Balance (Debit) 23000    
       
       
Accumulated Depreciation - Equipment
Particulars Amount ($) Particulars Amount ($)
    Balance (Credit) 1000
    Depreciation Expense 390
       
    Balance (adjusted) 1390
Accounts Payable
Particulars Amount ($) Particulars Amount ($)
    Balance (Credit) 7100
       
       
       
Unearned Revenue
Particulars Amount ($) Particulars Amount ($)
Service Revenue 4200 Balance (Credit) 6000
       
       
    Balance (adjusted) 1800
       
Common Stock
Particulars Amount ($) Particulars Amount ($)
    Balance (Credit) 24000
       
       
Retained Earnings
Particulars Amount ($) Particulars Amount ($)
    Balance (Credit) 4500
       
       
       
Dividends
Particulars Amount ($) Particulars Amount ($)
Balance (Debit) 4600    
       
       
       
Service Revenue
Particulars Amount ($) Particulars Amount ($)
    Balance (Credit) 19500
    Service Revenue 4200
       
    Balance (adjusted) 23700
Service Expenses
Particulars Amount ($) Particulars Amount ($)
Balance (Debit) 2500    
Salaries Payable 200    
       
Balance (adjusted) 2700    
Rent Expense
Particulars Amount ($) Particulars Amount ($)
Prepaid Rent 220    
       
Balance 220    
Office Supplies Expense
Particulars Amount ($) Particulars Amount ($)
Office Supplies 1500    
       
Balance 1500    
Depreciation Expense
Particulars Amount ($) Particulars Amount ($)
Accumulated Depreciation - Equipment 390    
       
Balance 390    
Salaries Payable
Particulars Amount ($) Particulars Amount ($)
    Salaries Expense 200
       
    Balance 200
Adjusted Trial Balance
Account Name Debit Credit
Cash $13,480  
Accounts Recevable $14,500  
Prepaid Rent $2,100  
Office Supplies $200  
Equipment $23,000  
Accumulated Depreciation Equipment   $1,390
Accounts Payable   $7,100
Salaries Payable   $200
Unearned Revenues   $1,800
Common Stock   $24,000
Retained Earnings   $4,500
Dividends $4,600  
Service Revenue   $23,700
Salaries Expense $2,700  
Rent Expense $220  
Depreciaiton Expense-Equipment $390  
Supplies Expense $1,500  
Total $62,690 $62,690
Income Statement
Revenues   $23,700
Expenses    
       Salaries Expense ($2,700)  
       Rent Expense ($220)  
       Depreciation Expense ($390)  
       Supplies Expense ($1,500)  
Total Expenses   ($4,810)
Net Income   $18,890
Less: Dividends   ($4,600)
Retained Earnings   $14,290
Statement of Retained Earnings  
Beginning Retained Earnings   $1,600
        Add: Net Income   $18,890
        Less: Dividends     ($4,600)
Ending Retained Earnings   $15,890
Classified Balance Sheet Report
Current Assets      
Cash       $13,480
Accounts Receivable     $14,500
Prepaid Rent     $2,100
Office Supplies     $200
           Total Current Assets   $30,280
Non-Current Assets      
Equipment     $23,000
Accumulated Depreciation Equipment ($1,390)
            Total Non-Current Assets $21,610
TOTAL ASSETS     $51,890
         
Liabilities        
Accounts Payable     $7,100
Salaries Payable     $200
Unearned Revenues     $1,800
            Total Liabilities (Current) $9,100
Shareholders Equity      
Common Stock     $24,000
Retained Earnings     $18,790
             Total Shareholder Equity $42,790
Total Liabilities and Shareholders Equity $51,890

 

6.The given statement can only be true where no fixed overheads exist. In such a case it can be said that the volume of sales that acheieve a certain profit rate is equal to the value of sales that achieve a certain profit rate / unit sale price. Higher volume of sale helps in absorbing more fixed overheads leading to a higher profit.

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