Accounting – comprehensive problem | Accounting homework help

 

Comprehensive Problem 3

   Clarified transactions completed by Gampfer Company during its original fiscal year fulfilment December 31 were as follows:

Jan. 2. Issued a curb to found a trifling money capital of $3,200.

Mar. 14. Replenished the trifling money capital, sketchted on the forthcoming digest of trifling money acknowledgments: business-post edibles, $1,200; miscellaneous selling require, $410; miscellaneous professional require, $620.

Apr. 21. Purchased $22,400 of goods on representation, stipulations 1/10, n/30. The unceasing list project is used to representation for list.

May 20. Hired the invoice of April 21 behindcited the abatement epoch had passed.

23. Floating money from daily money sales for $15,120. The quantity involved by the money record was $15,152.

June 15. Floating a 60-day, 10% silence for $127,500 on the Cady representation.

Aug. 14. Floating quantity becoming on June 15 silence, plus share at the manliness determination.

18. Floating $5,440 on the Yoder representation and wrote off the surplus becoming on a $6,400 representations receivable neutralize. (The equivalent regularity is used in representationing for uncollectible receivables.)

Sept. 9. Reinorderly the Yoder representation written off on August 18 and floating $960 money in unmeasured acquittal.

15. Purchased place by issuing a $480,000, 90-day silence to Ace Development Co., which abatemented it at 8%.

 

Oct. 17. Sold business-post equipment in vary for $96,000 money plus acknowledgment of a $64,000, 90-day, 6% silence. The equipment had a require of $224,000 and accumulated backbiting of $44,800 as of October 17.

Nov. 30. Journalized the monthly payroll for November, sketchted on the forthcoming postulates:

 

Current Liabilities and Payroll: Comprehensive Problem 3

Unemployment tax rates:

 

     State unemployment

4.0%

     Federal unemployment

0.8%

Amount matter to unemployment taxes:

 

     State unemployment

$5,000

     Federal unemployment

5,000

  30. Journalized the employer's payroll taxes on the payroll.

Dec. 14. Journalized the acquittal of the September 15 silence at manliness.

31. The pension require for the year was $136,000, of which $99,840 was hired to the pension project trustee.

Instructions

1. Journalize the clarified transactions.

2. Established on the forthcoming postulates, just a bank amity for December of the floating year:

a. Neutralize according to the bank declaration at December 31, $202,240.

b. Neutralize according to the ledger at December 31, $175,440.

c. Checks ungathered at December 31, $48,960.

d. Guard in transit, not commemorative by bank, $21,120.

e. Bank something-due memo for labor jaw, $540.

f. A curb for $11,520 in acquittal of an invoice was awry commemorative in the representations as $11,020.

3. Established on the bank amity justd in (2), journalize the melody or entries to be made by Gampfer Company.

4. Established on the forthcoming clarified postulates, journalize the adjusting entries as of December 31 of the floating year:

a. Estimated uncollectible representations at December 31, $11,520, sketchted on an aging of representations receivable. The neutralize of Equivalent for Doubtful Accounts at December 31 was $1,200 (debit).

b. The material list on December 31 involved an list shrinkage of $2,360.

c. Prehired prophylactic expired during the year, $16,300.

d. Business-post edibles used during the year, $2,800.

e. Backbiting is computed as follows:

Asset

Cost

Residual Value

Acquisition Date

Useful Conduct in Years

Depreciation Regularity Used

Buildings

$650,000

$    0

January 2

50

Double-declining-balance

Office Equip.

176,000

16,000

January 3

5

Straight-line

Store Equip.

80,000

8,000

July 1

10

Straight-line

   f. A indisputable requireing $36,000 when adscititious on January 2 has a fostering constitutional conduct of view years and is expected to accept rate for six years.

g. The require of mineral hues was $390,000. Of the estimated guard of 650,000 tons of ore, 38,400 tons were mined and sold during the year.

h. Vacation pay require for December, $7,500.

i. A result protection was supposing inception December 1 and protection a one-year epoch. The estimated require is 3% of sales, which totaled $1,350,000 in December.

j. Share was accrued on the silence receivable floating on October 17.

5. Established on the forthcoming notification and the post-closing verification neutralize shown adown, just a neutralize fencing in communication produce at December 31 of the floating year.

The goods list is orderly at require by the LIFO regularity. The result protection payable is a floating amenability.

Vacation pay payable:

 

    Current amenability

$5,100

    Long-term amenability

2,400


The unfunded pension amenability is a long-term amenability.

Notes payable:

 

    Current amenability

$ 50,000

    Long-term amenability

450,000

 

Comprehensive Problem 3

   Clarified transactions completed by Gampfer Company during its original fiscal year fulfilment December 31 were as follows:

Jan. 2. Issued a curb to found a trifling money capital of $3,200.

Mar. 14. Replenished the trifling money capital, sketchted on the forthcoming digest of trifling money acknowledgments: business-post edibles, $1,200; miscellaneous selling require, $410; miscellaneous professional require, $620.

Apr. 21. Purchased $22,400 of goods on representation, stipulations 1/10, n/30. The unceasing list project is used to representation for list.

May 20. Hired the invoice of April 21 behindcited the abatement epoch had passed.

23. Floating money from daily money sales for $15,120. The quantity involved by the money record was $15,152.

June 15. Floating a 60-day, 10% silence for $127,500 on the Cady representation.

Aug. 14. Floating quantity becoming on June 15 silence, plus share at the manliness determination.

18. Floating $5,440 on the Yoder representation and wrote off the surplus becoming on a $6,400 representations receivable neutralize. (The equivalent regularity is used in representationing for uncollectible receivables.)

Sept. 9. Reinorderly the Yoder representation written off on August 18 and floating $960 money in unmeasured acquittal.

15. Purchased place by issuing a $480,000, 90-day silence to Ace Development Co., which abatemented it at 8%.

 

Oct. 17. Sold business-post equipment in vary for $96,000 money plus acknowledgment of a $64,000, 90-day, 6% silence. The equipment had a require of $224,000 and accumulated backbiting of $44,800 as of October 17.

Nov. 30. Journalized the monthly payroll for November, sketchted on the forthcoming postulates:

 

Current Liabilities and Payroll: Comprehensive Problem 3

Unemployment tax rates:

 

     State unemployment

4.0%

     Federal unemployment

0.8%

Amount matter to unemployment taxes:

 

     State unemployment

$5,000

     Federal unemployment

5,000

  30. Journalized the employer's payroll taxes on the payroll.

Dec. 14. Journalized the acquittal of the September 15 silence at manliness.

31. The pension require for the year was $136,000, of which $99,840 was hired to the pension project trustee.

Instructions

1. Journalize the clarified transactions.

2. Established on the forthcoming postulates, just a bank amity for December of the floating year:

a. Neutralize according to the bank declaration at December 31, $202,240.

b. Neutralize according to the ledger at December 31, $175,440.

c. Checks ungathered at December 31, $48,960.

d. Guard in transit, not commemorative by bank, $21,120.

e. Bank something-due memo for labor jaw, $540.

f. A curb for $11,520 in acquittal of an invoice was awry commemorative in the representations as $11,020.

3. Established on the bank amity justd in (2), journalize the melody or entries to be made by Gampfer Company.

4. Established on the forthcoming clarified postulates, journalize the adjusting entries as of December 31 of the floating year:

a. Estimated uncollectible representations at December 31, $11,520, sketchted on an aging of representations receivable. The neutralize of Equivalent for Doubtful Accounts at December 31 was $1,200 (debit).

b. The material list on December 31 involved an list shrinkage of $2,360.

c. Prehired prophylactic expired during the year, $16,300.

d. Business-post edibles used during the year, $2,800.

e. Backbiting is computed as follows:

Asset

Cost

Residual Value

Acquisition Date

Useful Conduct in Years

Depreciation Regularity Used

Buildings

$650,000

$    0

January 2

50

Double-declining-balance

Office Equip.

176,000

16,000

January 3

5

Straight-line

Store Equip.

80,000

8,000

July 1

10

Straight-line

   f. A indisputable requireing $36,000 when adscititious on January 2 has a fostering constitutional conduct of view years and is expected to accept rate for six years.

g. The require of mineral hues was $390,000. Of the estimated guard of 650,000 tons of ore, 38,400 tons were mined and sold during the year.

h. Vacation pay require for December, $7,500.

i. A result protection was supposing inception December 1 and protection a one-year epoch. The estimated require is 3% of sales, which totaled $1,350,000 in December.

j. Share was accrued on the silence receivable floating on October 17.

5. Established on the forthcoming notification and the post-closing verification neutralize shown adown, just a neutralize fencing in communication produce at December 31 of the floating year.

The goods list is orderly at require by the LIFO regularity. The result protection payable is a floating amenability.

Vacation pay payable:

 

    Current amenability

$5,100

    Long-term amenability

2,400


The unfunded pension amenability is a long-term amenability.

 

Notes payable:

 

    Current amenability

$ 50,000

    Long-term amenability

450,000

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