P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008. EXCEL TEMPLATE

P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008

XACC 280 P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows.

Axia College of University of Phoenix (UoP) Principles of Accounting Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.             

P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows.
 

                                            THOMAS MAGNUM, P.I., INC.

                                                        Worksheet

                                      For the Quarter Ended March 31, 2008

                                                         Trial Balance

Account Titles Dr. Cr. Cash 11,400 Accounts Receivable 5,620 Supplies 1,050Prepaid Insurance 2,400 Equipment 30,000 Notes Payable 10,000 Accounts Payable 12,350 Common Stock 20,000 Dividends 600 Service Revenue 13,620 Salaries Expense 2,200 Travel Expense 1,300 Rent Expense 1,200 Miscellaneous Expense 200 55,970 55,970

Other data:

1. Supplies on hand total $380.

2. Depreciation is $1,000 per quarter.

3. Interest accrued on 6-month note payable, issued January 1, $300.

4. Insurance expires at the rate of $200 per month.

5. Services provided but unbilled at March 31 total $530.

Instructions

(a) Enter the trial balance on a worksheet and complete the worksheet.

(b) Prepare an income statement and a retained earnings statement for the quarter and a classified balance sheet at March 31. No additional common stock was issued during the quarter ended March 31, 2008.

(c) Journalize the adjusting entries from the adjustments columns of the worksheet.

(d) Journalize the closing entries from the financial statement columns of the worksheet.

SOLUTION PREVIEW[EXCEL TEMPLATE]

Axia College Material

Appendix E

Preparing a Financial Statement Worksheet

Complete the 10-column worksheet for Thomas Magnum P.I., Inc.   Your totals will be verified.

Thomas Magnum P.I., Inc Work Sheet For the Quarter Ended March 31, 2008
	Unadjusted Trial Balance		Adjustments		Adjusted Trial Balance		Income Statement		Balance Sheet & Statement of Owner's Equity
Account	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash	11,400				11,400				11,400
Accounts Receivable	5,620		530		6,150				6,150
Supplies	1,050			670	380				380
Prepaid Insurance	2,400			600	1,800				1,800

 

File name: xacc280-appendix-E-Thomas-Magnum-V1.xls File type: application/vnd.ms-excel Price: $6

E15-11 Scully Corporation’s comparative balance sheets are presented below

E15-11 Scully Corporation’s comparative balance sheets are presented below

ACC 280 E15-11 Scully Corporation’s comparative balance sheets are presented below.

Principles of Accounting: Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008).

Financial Accounting (6th ed.). Hoboken, NJ: Wiley.

Axia College of University of Phoenix (UoP)

 

E15-11 Scully Corporation’s comparative balance sheets are presented below.

                                     SCULLY CORPORATION                        

                                              Balance Sheets

                                                   December 31

                                                                                   

                                                           2008                                        2007

Cash                                                    $ 4,300                                    $ 3,700

Accounts receivable                            21,200                                     23,400

Inventory                                             10,000                                    7,000

Land                                                    20,000                                     26,000

Building                                               70,000                                     70,000

Accumulated depreciation                   (15,000)                                   (10,000)

Total                                                    $110,500                                 $120,100

Accounts payable                                $ 12,370                                  $ 31,100

Common stock                                    75,000                                     69,000

Retained earnings                                23,130                                     20,000

Total                                                    $110,500                                 $120,100

Scully’s 2008 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of $15,000.

Instructions

Compute the following ratios for 2008.

(a) Current ratio.

(b) Acid-test ratio.

(c) Receivables turnover.

(d) Inventory turnover.

(e) Profit margin.

(f) Asset turnover.

(g) Return on assets.

(h) Return on common stockholders’ equity.(i) Debt to total assets ratio.

File name: ACC-280-E15-11-Scully.doc File type: application/msword Price: $5

13-45 Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow

13-45 Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000

Introduction to Management Accounting

Horngren, C. T., Sundem, G. L., Stratton, W. O., Burgstahler, D., & Schatzberg, J. (2008).

Introduction to Management Accounting (14th ed.). Upper Saddle River, New Jersey: Pearson-

Prentice Hall.

Axia College of University of Phoenix (UoP)

3. Individual Assignment: Text Exercises

• Complete the following Problem Sets from the text. Show your work.

 

Question 13-45, Variable and Absorption Costing, on p. 621

Question 13-45 Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000

1. Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)

2. Assume that there is no January 1, 20X7, inventory; no variances are allocated to inventory; and the firm uses a “full absorption” approach to product costing. Compute

(a) The cost assigned to December 31, 20X7, inventory; and

(b) Operating income for the year ended December 31, 20X7. (Do not prepare a statement.)

File name: 13-45-Chan-Manufacturing.doc File type: application/msword Price: $6

Variable and Absorption Costing Question 13-45 Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000

ACC 561 , Variable and Absorption Costing Question 13-45 Chan Manufacturing Company data for 20X7 follow

Introduction to Management Accounting

Horngren, C. T., Sundem, G. L., Stratton, W. O., Burgstahler, D., & Schatzberg, J. (2008).

Introduction to Management Accounting (14th ed.). Upper Saddle River, New Jersey: Pearson-

Prentice Hall.

Axia College of University of Phoenix (UoP)

3. Individual Assignment: Text Exercises                                                                                       CLICK HERE FOR SOLUTION

• Complete the following Problem Sets from the text. Show your work.

Question 13-45, Variable and Absorption Costing, on p. 621

Question 13-45, Variable and Absorption Costing

Question 13-45 Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000

1. Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)

2. Assume that there is no January 1, 20X7, inventory; no variances are allocated to inventory; and the firm uses a “full absorption” approach to product costing. Compute

(a) The cost assigned to December 31, 20X7, inventory; and

(b) Operating income for the year ended December 31, 20X7. (Do not prepare a statement.)

                                                                           CLICK HERE FOR SOLUTION

13-45, Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow

13-45 Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000
1
3-45 Variable and Absorption Costing

13-45 Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000

ACC 561 Question 13-45, Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow

Introduction to Management Accounting

Horngren, C. T., Sundem, G. L., Stratton, W. O., Burgstahler, D., & Schatzberg, J. (2008).

Introduction to Management Accounting (14th ed.). Upper Saddle River, New Jersey: Pearson-

Prentice Hall.

Axia College of University of Phoenix (UoP)

3. Individual Assignment: Text Exercises

• Complete the following Problem Sets from the text. Show your work.

Question 13-45 Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000

1. Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)

2. Assume that there is no January 1, 20X7, inventory; no variances are allocated to inventory; and the firm uses a “full absorption” approach to product costing. Compute

(a) The cost assigned to December 31, 20X7, inventory; and

(b) Operating income for the year ended December 31, 20X7. (Do not prepare a statement.)

File name: 13-45-Chan-Manufacturing.doc File type: application/msword Price: $6

ACC 561 Question 13-45, Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow

Question 13-45, Variable and Absorption Costing, on p. 621

Axia College of University of Phoenix (UoP)

Introduction to Management Accounting

Horngren, C. T., Sundem, G. L., Stratton, W. O., Burgstahler, D., & Schatzberg, J. (2008).

Introduction to Management Accounting (14th ed.). Upper Saddle River, New Jersey: Pearson - Prentice Hall.

3. Individual Assignment: Text Exercises

• Complete the following Problem Sets from the text. Show your work.

Question 13-45, Variable and Absorption Costing                                                   CLICK HERE FOR SOLUTION

Question 13-45 Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production 18,000 units Manufacturing costs incurred Variable $120,000 Fixed 63,000 Nonmanufacturing costs incurred Variable $ 24,000 Fixed 18,000

1. Determine operating income for 20X7, assuming the firm uses the variable-costing approach to product costing. (Do not prepare a statement.)

2. Assume that there is no January 1, 20X7, inventory; no variances are allocated to inventory; and the firm uses a “full absorption” approach to product costing. Compute

(a) The cost assigned to December 31, 20X7, inventory; and

(b) Operating income for the year ended December 31, 20X7. (Do not prepare a statement.)

                                                                       CLICK HERE FOR SOLUTION

XACC 280 week 3 checkpoint, updated P3-1A Masasi Company Inc., at June 30 - EXCEL TEMPLATE SHEET

XACC 280 appendix d, P3-1A Masasi Company Inc., at June 30

P3-1A Masasi Company Inc., at June 30

·         Acc280 checkpoint assignment - Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance.

·         Parts a, b, and c of P3-1A on pp. 128–129 of Financial Accounting.

·         Use the templates in Appendix D. Complete all three tabs

·         Post the completed Appendix D as an attachment.

·         Axia College of University of Phoenix (UoP)

Financial Accounting Concepts and Principles

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.

P3-1A MASASI COMPANY, INC.

Trial Balance June 30, 2008 Account Number            Debit Credit 101 Cash $ 7,150 112 Accounts Receivable 6,000 126 Supplies 2,000 130 Prepaid Insurance 3,000  157 Office Equipment 15,000 201 Accounts Payable $ 4,500 209 Unearned Service Revenue 4,000 311Common Stock 21,750  400 Service Revenue 7,900 726 Salaries Expense 4,000 729 Rent Expense 1,000 Total $38,150 Total $38,150

In addition to those accounts listed on the trial balance, the chart of accounts for Masasi Company, Inc. also contains the following accounts and account numbers:No.158 Accumulated Depreciation—Office Equipment, No. 212 Salaries Payable, No. 244 Utilities Payable, No. 631 Supplies Expense, No. 711 Depreciation Expense, No. 722 Insurance Expense, and No. 732 Utilities Expense.

Other data:

1. Supplies on hand at June 30 are $600.

2. A utility bill for $150 has not been recorded and will not be paid until next month.

3. The insurance policy is for a year.

4. $2,500 of unearned service revenue has been earned at the end of the month.

5. Salaries of $2,000 are accrued at June 30.

6. The office equipment has a 5-year life with no salvage value. It is being depreciated at $250 per month for 60 months.

7. Invoices representing $1,000 of services performed during the month have not been recorded as of June 30.

Instructions

(a) Prepare the adjusting entries for the month of June. Use J3 as the page number for your journal.

(b) Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances and place a check mark in the posting reference column.

(c) Prepare an adjusted trial balance at June 30, 2008.

SOLUTION PREVIEW [EXCEL TEMPLATE SHEET]

			GENERAL JOURNAL			J3
DATE	ACCOUNT TITLE AND EXPLANATION			REF.	DEBIT	CREDIT
June 30	Supplies Expense			631	1,400
	Supplies    ($2000 - $6000)			126		1,400
30	Utilites Expense			732	150
	Utilites Payable			244		150
30	Insurance Expense			722	250
	Prepaid Insurance			130		250
30	Unearned Service Revenue			209	2,500
	Service Revenue			400		2,500

 

File name: P3-1A-MASASI-COMPANY.xls File type: application/vnd.ms-excel    Price: $10