ACC 280 Problem 5-7A At the beginning of the current season, the ledger of Village Tennis Shop

Problem 5-7A At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200.

ACC 280 Problem 5-7A At the beginning of the current season, the ledger of Village Tennis Shop

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)

ACC 280 P5-7A Village Tennis Shop

Problem 5-7A At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April.

Apr. 4 Purchased racquets and balls from Denton Co. $740, terms 3/10, n/30.

6 Paid freight on Denton Co. purchase $60.

8 Sold merchandise to members $900, terms n/30.

10 Received credit of $40 from Denton Co. for a damaged racquet that was returned.

11 Purchased tennis shoes from Newbee Sports for cash $300.

13 Paid Denton Co. in full.

14 Purchased tennis shirts and shorts from Venus's Sportswear $600, terms 2/10, n/60.

15 Received cash refund of $50 from Newbee Sports for damaged merchandise that was returned.

17 Paid freight on Venus's Sportswear purchase $30.

18 Sold merchandise to members $1,000, terms n/30.

20 Received $500 in cash from members in settlement of their accounts.

21 Paid Venus's Sportswear in full.

27 Granted an allowance of $30 to members for tennis clothing that did not fit properly.

30 Received cash payments on account from members $500.

The chart of accounts for the tennis shop includes Cash; Accounts Receivable; Merchandise Inventory; Accounts Payable; Common Stock; Sales; Sales Returns and Allowances; Purchases; Purchase Returns and Allowances; Purchase Discounts; and Freight-in.

Instructions

(a) Journalize the April transactions using a periodic inventory system.

(b) Using T accounts, enter the beginning balances in the ledger accounts and post the April Transactions.

(c) Prepare a trial balance on April 30, 2008.

(d) Prepare an income statement through gross profit, assuming merchandise inventory on hand at April 30 is $2,296.
File name: ACC-280-P5-7A-Village-Tennis-Shop.doc File type: application/msword Price: $7

ACC 349 E2-4 (Assumptions, Principles, and Constraints) Presented below are the assumptions, principles,

ACC 349 E2-4 (Assumptions, Principles, and Constraints) Presented below are the assumptions, principles, and constraints used in this chapter.

ACC 349 E2-4 (Assumptions, Principles, and Constraints)

Intermediate Accounting: Weygandt, Kieso, Kimmel

Axia College of University of Phoenix (UoP)
 

Intermediate Accounting 1

E2-4 (Assumptions, Principles, and Constraints) Presented below are the assumptions, principles, and constraints used in this chapter.

1. Economic entity assumption                        5. Historical cost principle       9. Materiality

2. Going concern assumption              6. Matching principle               10. Industry practices

3. Monetary unit assumption               7. Full disclosure principle       11. Conservatism

4. Periodicity assumption                     8. Cost-benefit relationship

Instructions

Identify by number the accounting assumption, principle, or constraint that describes each situation below.

Do not use a letter more than once.

(a) Allocates expenses to revenues in the proper period.

(b) Indicates that market value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recognition principle.)

(c) Ensures that all relevant financial information is reported.

(d) Rationale why plant assets are not reported at liquidation value. (Do not use historical cost principle.)

(e) Anticipates all losses, but reports no gains.

(f) Indicates that personal and business record keeping should be separately maintained.

(g) Separates financial information into time periods for reporting purposes.

(h) Permits the use of market value valuation in certain specific situations.

(i) Requires that information significant enough to affect the decision of reasonably informed users should be disclosed. (Do not use full disclosure principle.)

(j) Assumes that the dollar is the “measuring stick” used to report on financial performance.   

File name: ACC-349-E2-4-Assumptions-Principles-and-Constraints.doc File type: application/msword Price: $6

Porto Bay Corporation manufactures and distributes leisure clothing. Selected transactions completed by Porto Bay during the current fiscal year are as follows

Porto Bay Corporation manufactures and distributes leisure clothing. Selected transactions completed by Porto Bay during the current fiscal year are as follows:

Jan. 10. Split the common stock 4 for 1 and reduced the par from $100 to $25 per share. After the split, there were 500,000 common shares outstanding.

Mar. 1. Declared semiannual dividends of $1.20 on 80,000 shares of preferred stock and $0.24 on the 500,000 shares of $25 par common stock to stockholders of record on March 31, payable on April 30. Apr. 30. Paid the cash dividends. July 9. Purchased 75,000 shares of the corporation’s own common stock at $26, recording the stock at cost. Aug. 29. Sold 40,000 shares of treasury stock at $32, receiving cash. Sept. 1. Declared semiannual dividends of $1.20 on the preferred stock and $0.15 on the common stock (before the stock dividend). In addition, a 1% common stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $30. Oct. 31. Paid the cash dividends and issued the certificates for the common stock dividend. Instructions Journalize the transactions.

File name: Porto-Bay-Corporation.xls File type: application/vnd.ms-excel Price: $5

MUSIC DEPOT - The unadjusted trail balance of Music Depot as of july 31, 2010, along with the adjustment data for the two months ended July 31, 2010, are shown in Chapter 3

The unadjusted trail balance of Music Depot as of july 31, 2010, along with the adjustment data for the two months ended July 31, 2010, are shown in Chapter 3

Chapter 4 - Continuing Problem - MUSIC DEPOT

The unadjusted trail balance of Music Depot as of july 31, 2010, along with the adjustment data for the two months ended July 31, 2010, are shown in Chapter 3,

Based upon the adjustment data, the adjusted trial balance shown below was prepared

Music depot adjusted Trial Balance Jul 31, 2010  

Debit Balances Credit balances

Cash 12,789 Accounts Receivable4,750 Supplies 175 Prepaid Insurance 2,475 Office Equipment 5,000 Accumulated Depreciation -  Office Equipment 60 Accounts Payable 5,680 wages Payable 120 Unearned Revenue 3,600 lee chang, capital 10,500 Lee chang Drawing 1,700 fees earned 20,500 Wages Expense 2,520 Office Rent Expense 1,100 Utilities Expense 860 Music Expense 2,810 Advertising Expense 1,600 Supplies Expense 855 insurance Expense 225 Depreciation Expense 60 Miscellaneous Expense 800 40,460 40,460

Instructions

1. Optional. Using the data from Chapter 3, prepare an end-of-period spreadsheet(work sheet).

2. Prepare an income statement, a statement of owner’s equity, and a balance sheet. (Note: Lee Chang made investments in music depot on June 1 and July 1, 2010.)

3. Journalize and post the closing entries. The income summary account is #33 in the ledger of Music Depot. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry.

4. Prepare a post-closing trial balance.

2 net income$6,920  

Please download Excel attachment for Solution

File name: Music-Depot.xls File type: application/vnd.ms-excel Price: $12

FIN BUS401 P13-2 (Flotation cost and issue size) Your firm needs to raise $10million. Assuming that flotation costs are

FIN BUS401 P13-2 (Flotation cost and issue size) Your firm needs to raise $10million. Assuming that flotation costs are

FLOTATION COSTS AND ISSUE SIZE

PROBLEM 13-2 FLOTATION COSTS AND ISSUE SIZE

PROBLEM 13-2

Complete problem 13-2 on page 433

PROBLEM 13-2 (Flotation cost and issue size) Your firm needs to raise $10million. Assuming that flotation costs are expected to be $15 per share, and that the market price of the stock is $120, how many shares would have to be issued? what is the dollar size of the issue?

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