A11 Answer Sheet Ex2 Fall 06-answer Key
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Answer Key PROBLEM #1
Date Accounts & Explanations 1/2 Merchandise Inventory A/P-Snake Oil 1/3 Merchandise Inventory Cash
Debit 8,000
8,000 160 2,400
1/5 A/R-Beanie's Pharmacy Sales Cost of Merchandise Sold Merchandise Inventory
3,500
1/6 Advertising Expense Cash 1/9 Merchandise Inventory Cash
2,400
3,500 1,610 1,610 220 220 2,000 2,000
1/10 A/P-Snake Oil Cash Merchandise Inventory
8,000
1/14 Cash Sales Discounts A/R-Beanie's Pharmacy
3,430 70
1/15 Sales Salaries Expense Office Salaries Expense Cash
1,200 900
1/16 Merchandise Inventory A/P-Scorpion Supply Co.
4,000
1/19 A/P-Scorpion Supply Co. Merchandise Inventory 1/20 Cash Sales Cost of Merchandise Sold Merchandise Inventory 1/21 A/R-Nature's Products Sales Cost of Merchandise Sold Merchandise Inventory
Credit
160
1/4 Rent Expense Cash
7,840 160
3,500
2,100 4,000 400 400 7,000 7,000 3,220 3,220 12,000 12,000 5,520 5,520
Date Accounts & Explanations 1/24 Sales Returns & Allowances A/R-Nature's Products Merchandise Inventory Cost of Goods Sold
Debit 500
500 230 3,600
1/30 Cash Sales Discounts A/R-Nature's Products
11,270 230
1/31 Delivery Expense Cash 1/31 Sales Salaries Expense Office Salaries Expense Cash
Credit
230
1/25 A/P-Scorpion Supply Co. Cash Merchandise Inventory
3,528 72
11,500 300 300 1,200 900 2,100
Dolly's Celebrity Dolls Income Statement For the Month Ended 01/31/0X Revenue from Sales Sales Less: Sales Returns & Allowances Sales Discounts Net Sales
$82,000 $2,000 1,040
Cost of Merchandise Sold Gross Profit Operating Expenses Selling Expenses: Sales Salaries Expense Advertising Expense Delivery Expense Misc. Expense Total Selling Expenses Administrative Expenses: Rent Expense Office Salaries Expense Supplies Expense Insurance Expense Depreciation Expense Misc. Admin. Expense Total Administrative Expenses Total Operating Expenses Income from Operations Other Income & Expense Rent Income Interest Expense Net Other Income Net Income
3,040 78,960 41,944 37,016
$9,600 1,200 1,400 300 $12,500
9,800 7,200 500 500 1,300 200 19,500 32,000 5,016
2,500 300 2,200 7,216
Dolly's Celebrity Dolls Statement of Owner's Equity For the Month Ended 01/31/0X Dolly, Capital 01/01/0X Add: Net Income Less: Withdrawals Dolly, Capital 01/31/0X
$221,800 7,216 229,016 2,000 $227,016
Dolly's Celebrity Dolls Balance Sheet January 31, 200X Assets Current Assets Cash A/R Merchandise Inventory Supplies Prepaid Insurance Total Current Assets
$55,416 25,600 117,000 4,100 5,500 $207,616
Property, Plant & Equipment Furniture & Equipment Less: Accumulated Depreciation Net Plant Assets
140,000 65,700 74,300
Total Assets
$281,916 Liabilities & Equity
Current Liabilities Accounts Payable Salaries Payable Interest Payable Current Portion of Long Term Debt Total Current Liabilities Long-Term Liabilities Note Payable Total Liabilities Owner's Equity Dolly, Capital 01/31/XX Total Liabilities & Equity
$20,400 4,200 300 6,000 30,900
24,000 54,900
227,016 $281,916
PROBLEM #3 Date Accounts & Explanations 1/31 Sales Rent Income Income Summary 1/31 Income Summary Sales Returns & Allowances Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Delivery Expense Misc. Selling Expense Rent Expense Office Salaries Expense Supplies Expense Insurance Expense Depreciation Expense Misc. Admin. Expense Interest Expense
Debit 82,000 2,500
Credit 84,500
77,284 2,000 1,040 41,944 9,600 1,200 1,400 300 9,800 7,200 500 500 1,300 200 300
1/31 Income Summary Dolly, Capital
7,216
1/31 Dolly, Capital Dolly, Drawing
2,000
7,216 2,000
Problem 4 - FIFO
DATE 1-Oct
PURCHASES UNIT COST
QTY.
8-Oct
20
COST OF MERCHANDISE SOLD UNIT TOTAL QTY. COST COST
TOTAL COST
18.00
INVENTORY BALANCE UNIT TOTAL QTY. COST COST 50 15.00 750
360
11-Oct
18
15.00
270
17-Oct
32 18
15.00 18.00
480 324
21-Oct
30
20.00
600
29-Oct
2 2
18.00 20.00
36 40
50 20
15.00 18.00
750 360
32 20
15.00 18.00
480 360
2
18.00
36
2 30
18.00 20.00
36 600
28
20.00
560
Problem 4 - LIFO
DATE 1-Oct 8-Oct
PURCHASES UNIT COST
QTY.
20
18.00
COST OF MERCHANDISE SOLD UNIT TOTAL QTY. COST COST
TOTAL COST
INVENTORY BALANCE UNIT TOTAL QTY. COST COST 50 15.00 750
360
11-Oct
18
18.00
324
17-Oct
2 48
18.00 15.00
36 720
21-Oct
29-Oct
30
20.00
600
4
20.00
80
50 20
15.00 18.00
750 360
50 2
15.00 18.00
750 36
2
15.00
30
2 30
15.00 20.00
30 600
2 26
15.00 20.00
30 520
Answer Key PROBLEM #1
Date Accounts & Explanations 1/2 Merchandise Inventory A/P-Snake Oil 1/3 Merchandise Inventory Cash
Debit 8,000
8,000 160 2,400
1/5 A/R-Beanie's Pharmacy Sales Cost of Merchandise Sold Merchandise Inventory
3,500
1/6 Advertising Expense Cash 1/9 Merchandise Inventory Cash
2,400
3,500 1,610 1,610 220 220 2,000 2,000
1/10 A/P-Snake Oil Cash Merchandise Inventory
8,000
1/14 Cash Sales Discounts A/R-Beanie's Pharmacy
3,430 70
1/15 Sales Salaries Expense Office Salaries Expense Cash
1,200 900
1/16 Merchandise Inventory A/P-Scorpion Supply Co.
4,000
1/19 A/P-Scorpion Supply Co. Merchandise Inventory 1/20 Cash Sales Cost of Merchandise Sold Merchandise Inventory 1/21 A/R-Nature's Products Sales Cost of Merchandise Sold Merchandise Inventory
Credit
160
1/4 Rent Expense Cash
7,840 160
3,500
2,100 4,000 400 400 7,000 7,000 3,220 3,220 12,000 12,000 5,520 5,520
Date Accounts & Explanations 1/24 Sales Returns & Allowances A/R-Nature's Products Merchandise Inventory Cost of Goods Sold
Debit 500
500 230 3,600
1/30 Cash Sales Discounts A/R-Nature's Products
11,270 230
1/31 Delivery Expense Cash 1/31 Sales Salaries Expense Office Salaries Expense Cash
Credit
230
1/25 A/P-Scorpion Supply Co. Cash Merchandise Inventory
3,528 72
11,500 300 300 1,200 900 2,100
Dolly's Celebrity Dolls Income Statement For the Month Ended 01/31/0X Revenue from Sales Sales Less: Sales Returns & Allowances Sales Discounts Net Sales
$82,000 $2,000 1,040
Cost of Merchandise Sold Gross Profit Operating Expenses Selling Expenses: Sales Salaries Expense Advertising Expense Delivery Expense Misc. Expense Total Selling Expenses Administrative Expenses: Rent Expense Office Salaries Expense Supplies Expense Insurance Expense Depreciation Expense Misc. Admin. Expense Total Administrative Expenses Total Operating Expenses Income from Operations Other Income & Expense Rent Income Interest Expense Net Other Income Net Income
3,040 78,960 41,944 37,016
$9,600 1,200 1,400 300 $12,500
9,800 7,200 500 500 1,300 200 19,500 32,000 5,016
2,500 300 2,200 7,216
Dolly's Celebrity Dolls Statement of Owner's Equity For the Month Ended 01/31/0X Dolly, Capital 01/01/0X Add: Net Income Less: Withdrawals Dolly, Capital 01/31/0X
$221,800 7,216 229,016 2,000 $227,016
Dolly's Celebrity Dolls Balance Sheet January 31, 200X Assets Current Assets Cash A/R Merchandise Inventory Supplies Prepaid Insurance Total Current Assets
$55,416 25,600 117,000 4,100 5,500 $207,616
Property, Plant & Equipment Furniture & Equipment Less: Accumulated Depreciation Net Plant Assets
140,000 65,700 74,300
Total Assets
$281,916 Liabilities & Equity
Current Liabilities Accounts Payable Salaries Payable Interest Payable Current Portion of Long Term Debt Total Current Liabilities Long-Term Liabilities Note Payable Total Liabilities Owner's Equity Dolly, Capital 01/31/XX Total Liabilities & Equity
$20,400 4,200 300 6,000 30,900
24,000 54,900
227,016 $281,916
PROBLEM #3 Date Accounts & Explanations 1/31 Sales Rent Income Income Summary 1/31 Income Summary Sales Returns & Allowances Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Delivery Expense Misc. Selling Expense Rent Expense Office Salaries Expense Supplies Expense Insurance Expense Depreciation Expense Misc. Admin. Expense Interest Expense
Debit 82,000 2,500
Credit 84,500
77,284 2,000 1,040 41,944 9,600 1,200 1,400 300 9,800 7,200 500 500 1,300 200 300
1/31 Income Summary Dolly, Capital
7,216
1/31 Dolly, Capital Dolly, Drawing
2,000
7,216 2,000
Problem 4 - FIFO
DATE 1-Oct
PURCHASES UNIT COST
QTY.
8-Oct
20
COST OF MERCHANDISE SOLD UNIT TOTAL QTY. COST COST
TOTAL COST
18.00
INVENTORY BALANCE UNIT TOTAL QTY. COST COST 50 15.00 750
360
11-Oct
18
15.00
270
17-Oct
32 18
15.00 18.00
480 324
21-Oct
30
20.00
600
29-Oct
2 2
18.00 20.00
36 40
50 20
15.00 18.00
750 360
32 20
15.00 18.00
480 360
2
18.00
36
2 30
18.00 20.00
36 600
28
20.00
560
Problem 4 - LIFO
DATE 1-Oct 8-Oct
PURCHASES UNIT COST
QTY.
20
18.00
COST OF MERCHANDISE SOLD UNIT TOTAL QTY. COST COST
TOTAL COST
INVENTORY BALANCE UNIT TOTAL QTY. COST COST 50 15.00 750
360
11-Oct
18
18.00
324
17-Oct
2 48
18.00 15.00
36 720
21-Oct
29-Oct
30
20.00
600
4
20.00
80
50 20
15.00 18.00
750 360
50 2
15.00 18.00
750 36
2
15.00
30
2 30
15.00 20.00
30 600
2 26
15.00 20.00
30 520
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