akosiraff

Download Graded Project

Jul 13th, 2014
332
0
Never
Not a member of Pastebin yet? Sign Up, it unlocks many cool features!
text 3.57 KB | None | 0 0
  1.  
  2. Download: http://solutionzip.com/downloads/graded-project/
  3. Directions: Be sure to make an electronic copy of your answer before submitting it to Ashworth College for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English spelling and grammar. Sources must be cited in APA format. Your response should be a minimum of one (1) single-spaced page to a maximum of two (2) pages in length; refer to the “Assignment Format” page for specific format requirements.
  4. Assignment Details: This assignment will include the three-part graded project described below. Corporations and Bonds Payable and the next lesson Investments and Cash Flow. The combined project and exam portions of this Assignment total 100 points.
  5. You should complete your work for this project at this time and submit it. (available at the Assignments tool) after your next lesson.
  6. Part A (5 points each for a possible total of 10 points)
  7. 1. After several years of business, Abel, Barney, and Cole are liquidating. The following are post-closing account balances.
  8. Cash 18,000 Inventory 73,000 Other assets 157,000 Accounts Payable 61,000 Abel, Capital 50,000 Barney, Capital 50,000 Cole, Capital 87,000
  9. Noncash assets are sold for $275,000. Profits and losses are shared equally.
  10. After all liabilities are paid, divide the remaining cash amongst the partners.
  11. 76 PRINCIPLES OF ACCOUNTING 2
  12. 2. The partnership of Brandon and Ryan is being liquidated. All gains and losses are shared in a 3:1 ratio, respectively. Before liquidation, their balance sheet balances are as follows:
  13. Cash $10,000 Other Assets 8,000 Liabilities 4,000 Brandon, Capital 7,000 Ryan, Capital 7,000
  14. a. I f the Other Assets are sold for $10,000, how much will each partner receive before paying liabilities and distributing the remaining assets?
  15. b. I f the Other Assets are sold for $8,000, how much will each partner receive before paying liabilities and distributing remaining assets?
  16. Part B (10 points each for a possible total of 20 points)
  17. 1. Simon Brothers pays $47,000 into a bond sinking fund each year to redeem the future maturity of its bonds. During the first year, the fund earned $3,825. At the time of bond redemption, the fund has a balance of $417,000. Of this, $400,000 was used to redeem the bonds. Journalize the following entries.
  18. a. Initial deposit
  19. b. The first year’s interest
  20. c. The redemption of the bonds
  21. 2. On January 1, Auctions Online issued $300,000, 9%, 10-year bonds to lenders at the contract rate. Interest is to be paid semiannually on July 1 and January 1. Journalize the following entries.
  22. a. Issued the bonds
  23. b. Paid first semiannual interest payment
  24. c. Retired the bonds at maturity
  25. PRINCIPLES OF ACCOUNTING 2 77
  26. Part C (10 points each for a possible total of 20 points)
  27. 1. Prepare a statement of retained earnings in proper form for White Corporation for the year ended December 31, 2012, from the following:
  28. Retained Earnings, January 1, 2012 $2,000
  29. Dividends paid during the year 800
  30. Net income for the year 3,000
  31. Correction of prior year error. Purchase of land recorded as rent expense 1,000
  32. 2. Curtis Corporation’s balance sheet included the following:
  33. Common Stock, $5 par value, 5,000 shares issued and outstanding $25,000
  34. Retained Earnings 20,000
  35. Total Stockholders’ Equity $45,000
  36. Prepare journal entries for the following transactions.
  37. May 3 Issued 500 shares at $6 per share
  38. 9 Reacquired 100 shares at $4 per share
  39. 15 Reissued 50 of the Treasury shares at $7 per share
  40. 17 Reissued 10 of the Treasury shares at $3 per share
  41. Download: http://solutionzip.com/downloads/graded-project/
Add Comment
Please, Sign In to add comment