Ac11 Answer Sheet Ex3-key
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Answer Key
PROBLEM #1 Part A) Cash Balance per Bank
40,056.40
Add: Deposit in Transit Bank Error
2,573.80 80.00
Deduct: Outstanding Checks
5,919.60
Adj. Cash Balance per Bank
Cash Balance per Company Add: Collection of N/R Collection of Interest Collection of A/R - Boxcar
4,000.00 200.00 6,100.00
Deduct: Bank Service Charge Bank Service Charge Error - A/P-Emerald NSF A/R-GoriX
20.00 106.80 90.00 100.00
36,790.60
Adj. Cash Balance per Company
Accounts & Explanations
Debit 10,300.00
Part B) Date 9/30 Cash
N/R Interest Revenue A/R-Boxcar Bank Service Charge Expense A/P-Emerald A/R-GoriX Cash
26,807.40
Credit 4,000.00 200.00 6,100.00
126.80 90.00 100.00 316.80
36,790.60
PROBLEM #2 Date 6/9
6/28
7/5
7/9
7/28
8/1
8/1
Accounts & Explanations A/R-Eddy Sales A/R-Jason Sales Allowance for Doubtful Accounts A/R-Bovine
Debit 24,000
24,000 30,000 30,000 1,200 1,200
N/R-Eddy A/R-Eddy
24,000
N/R-Jason A/R-Jason
30,000
24,000
30,000
A/R-Poultry Allowance for Doubtful Accounts
1,600
Cash
1,600
1,600
A/R-Poultry 10/9
Cash
1,600 24,540
N/R-Eddy Interest Revenue 10/28
12/30
12/31
Credit
A/R-Jason N/R-Jason Interest Revenue Cash Allowance for Doubtful Accounts A/R-Horn Bad Debts Expense Allowance for Doubtful Accounts Allowance for Doubtful Accounts 800 1,200 1,600 800 2,000 2,400 400 Balance before adj. 3,600 Adj. 4,000 Balance after adj.
24,000 X 9% X 3/12 = 540
24,000 540 30,600
30,000 X 8% X 3/12 = 600
30,000 600 200 800 1,000 3,600 3,600
Problem 3 - Depreciation Methods A) Straight Line Cost - Salvage # yrs. Of life
= Deprec. Exp. Per year
$18,000 = $3,600 5 yrs
B) Units of Production (Activity) Cost - Salvage # units Of life
= Deprec. Exp. Per Unit
$18,000 = .10/copy 180,000 copies
C) 200% Declining Balance Rate =
Cost 20,000 200% = 40%/yr. 20,000 5 yr. Life 20,000 20,000 20,000
Actual Copies X Rate = 40,000 X .10 35,000 X .10 55,000 X .10 30,000 X .10 20,000 X .10
a/d = Bk. Value X Rate = - 0 = 20,000 X 40% = - 7200 = 12,000 X 40% = -12320= 7,200 X 40% = -15392= 4,320 X 40% = -17235= 2,592 X 40% =
Year 1 2 3 4 5
Dep. Exp. 3,600 3,600 3,600 3,600 3,600
A/D 3,600 7,200 10,800 14,400 18,000
Book Value 16,400 12,800 9,200 5,600 2,000
Year 1 2 3 4 5
Dep. Exp. 4,000 3,500 5,500 3,000 2,000
A/D 4,000 7,500 13,000 16,000 18,000
Book Value 16,000 12,500 7,000 4,000 2,000
Year 1 2 3 4 5
Dep. Exp. 8,000 4,800 2,880 1,728 592
A/D 8,000 12,800 15,680 17,408 18,000
Book Value 12,000 7,200 4,320 2,592 2,000
PROBLEM #4
A)
B)
C)
Date Accounts & Explanations 6/30 Depreciation Expense A/D-Equipment
Debit 1,200
1,200
6/30 Cash A/D- Equipment Loss on Sale Equipment
3,500 10,800 700
6/30 Cash A/D- Equipment Equipment Gain on Sale
5,000 10,800
Cost - Salvage = Deprec. Exp. Per year Yrs. Of Life
Equipment 15,000
B)
Sold for - Book Value Loss
$3,500 4,200 (15,000 - 10,800) (700)
C)
Sold for - Book Value Gain
$5,000 4,200 (15,000 - 10,800) 800
Credit
15,000
15,000 800
12,000 5
= 2,400 per year
Accum. Deprec. - Equipment 01) 2,400 02) 2,400 03) 2,400 04) 2,400 05) 1,200 ** entry A 10,800
Problem #5 Part A)
Employee Jones Kyle Lane Meeks
6.2% X 1.45% X
Hours 40 43 47 40
Regular 360.00 320.00
Earnings Overtime 36.00
Gross 360.00 356.00
Taxable Earnings SUI 100.00 -
480.00 800.00
126.00 -
606.00 800.00
606.00 800.00
606.00 800.00
1,960.00
162.00
2,122.00
1,506.00
1,406.00
FICA
Part B) Date 12/7
FUI
FICA
Deductions SWT Health Ins. 12.00 3.00 18.00 5.00
6.20
Medicare 5.22 5.16
FWT 40.00 60.00
300.00 800.00
37.57 49.60
8.79 11.60
43.00 65.00
16.00 22.00
1,100.00
93.37
30.77
208.00
68.00
-
Tot. Ded. 70.22 94.36
Net Pay 289.78 261.64
5.00 3.00
5.00 5.00
115.36 156.20
490.64 643.80
800.00
606.00 -
16.00
20.00
436.14
1,685.86
1,156.00
966.00
Part C) Accounts / Explanation Sales Salaries Expense Office Salaries Expense FICA Payable Medicare Payable FWT Payable SWT Payable Healthe Ins. Payable Contributions Payable Salaries Payable
Debit 1,156.00 966.00
Credit
93.37 30.77 208.00 68.00 16.00 20.00 1,685.86
Date 12/7
Accounts / Explanation Payroll Tax Expense FICA Payable Medicare Payable SUI Payable FUI Payable
Debit 196.21
Accts. Debited Sales Sal. Office Sal. 360.00 356.00 -
Other 10.00 -
Credit 93.37 30.77 63.27 (4.5% X 1406) 8.80 (.8% X 1100)
Answer Key
PROBLEM #1 Part A) Cash Balance per Bank
40,056.40
Add: Deposit in Transit Bank Error
2,573.80 80.00
Deduct: Outstanding Checks
5,919.60
Adj. Cash Balance per Bank
Cash Balance per Company Add: Collection of N/R Collection of Interest Collection of A/R - Boxcar
4,000.00 200.00 6,100.00
Deduct: Bank Service Charge Bank Service Charge Error - A/P-Emerald NSF A/R-GoriX
20.00 106.80 90.00 100.00
36,790.60
Adj. Cash Balance per Company
Accounts & Explanations
Debit 10,300.00
Part B) Date 9/30 Cash
N/R Interest Revenue A/R-Boxcar Bank Service Charge Expense A/P-Emerald A/R-GoriX Cash
26,807.40
Credit 4,000.00 200.00 6,100.00
126.80 90.00 100.00 316.80
36,790.60
PROBLEM #2 Date 6/9
6/28
7/5
7/9
7/28
8/1
8/1
Accounts & Explanations A/R-Eddy Sales A/R-Jason Sales Allowance for Doubtful Accounts A/R-Bovine
Debit 24,000
24,000 30,000 30,000 1,200 1,200
N/R-Eddy A/R-Eddy
24,000
N/R-Jason A/R-Jason
30,000
24,000
30,000
A/R-Poultry Allowance for Doubtful Accounts
1,600
Cash
1,600
1,600
A/R-Poultry 10/9
Cash
1,600 24,540
N/R-Eddy Interest Revenue 10/28
12/30
12/31
Credit
A/R-Jason N/R-Jason Interest Revenue Cash Allowance for Doubtful Accounts A/R-Horn Bad Debts Expense Allowance for Doubtful Accounts Allowance for Doubtful Accounts 800 1,200 1,600 800 2,000 2,400 400 Balance before adj. 3,600 Adj. 4,000 Balance after adj.
24,000 X 9% X 3/12 = 540
24,000 540 30,600
30,000 X 8% X 3/12 = 600
30,000 600 200 800 1,000 3,600 3,600
Problem 3 - Depreciation Methods A) Straight Line Cost - Salvage # yrs. Of life
= Deprec. Exp. Per year
$18,000 = $3,600 5 yrs
B) Units of Production (Activity) Cost - Salvage # units Of life
= Deprec. Exp. Per Unit
$18,000 = .10/copy 180,000 copies
C) 200% Declining Balance Rate =
Cost 20,000 200% = 40%/yr. 20,000 5 yr. Life 20,000 20,000 20,000
Actual Copies X Rate = 40,000 X .10 35,000 X .10 55,000 X .10 30,000 X .10 20,000 X .10
a/d = Bk. Value X Rate = - 0 = 20,000 X 40% = - 7200 = 12,000 X 40% = -12320= 7,200 X 40% = -15392= 4,320 X 40% = -17235= 2,592 X 40% =
Year 1 2 3 4 5
Dep. Exp. 3,600 3,600 3,600 3,600 3,600
A/D 3,600 7,200 10,800 14,400 18,000
Book Value 16,400 12,800 9,200 5,600 2,000
Year 1 2 3 4 5
Dep. Exp. 4,000 3,500 5,500 3,000 2,000
A/D 4,000 7,500 13,000 16,000 18,000
Book Value 16,000 12,500 7,000 4,000 2,000
Year 1 2 3 4 5
Dep. Exp. 8,000 4,800 2,880 1,728 592
A/D 8,000 12,800 15,680 17,408 18,000
Book Value 12,000 7,200 4,320 2,592 2,000
PROBLEM #4
A)
B)
C)
Date Accounts & Explanations 6/30 Depreciation Expense A/D-Equipment
Debit 1,200
1,200
6/30 Cash A/D- Equipment Loss on Sale Equipment
3,500 10,800 700
6/30 Cash A/D- Equipment Equipment Gain on Sale
5,000 10,800
Cost - Salvage = Deprec. Exp. Per year Yrs. Of Life
Equipment 15,000
B)
Sold for - Book Value Loss
$3,500 4,200 (15,000 - 10,800) (700)
C)
Sold for - Book Value Gain
$5,000 4,200 (15,000 - 10,800) 800
Credit
15,000
15,000 800
12,000 5
= 2,400 per year
Accum. Deprec. - Equipment 01) 2,400 02) 2,400 03) 2,400 04) 2,400 05) 1,200 ** entry A 10,800
Problem #5 Part A)
Employee Jones Kyle Lane Meeks
6.2% X 1.45% X
Hours 40 43 47 40
Regular 360.00 320.00
Earnings Overtime 36.00
Gross 360.00 356.00
Taxable Earnings SUI 100.00 -
480.00 800.00
126.00 -
606.00 800.00
606.00 800.00
606.00 800.00
1,960.00
162.00
2,122.00
1,506.00
1,406.00
FICA
Part B) Date 12/7
FUI
FICA
Deductions SWT Health Ins. 12.00 3.00 18.00 5.00
6.20
Medicare 5.22 5.16
FWT 40.00 60.00
300.00 800.00
37.57 49.60
8.79 11.60
43.00 65.00
16.00 22.00
1,100.00
93.37
30.77
208.00
68.00
-
Tot. Ded. 70.22 94.36
Net Pay 289.78 261.64
5.00 3.00
5.00 5.00
115.36 156.20
490.64 643.80
800.00
606.00 -
16.00
20.00
436.14
1,685.86
1,156.00
966.00
Part C) Accounts / Explanation Sales Salaries Expense Office Salaries Expense FICA Payable Medicare Payable FWT Payable SWT Payable Healthe Ins. Payable Contributions Payable Salaries Payable
Debit 1,156.00 966.00
Credit
93.37 30.77 208.00 68.00 16.00 20.00 1,685.86
Date 12/7
Accounts / Explanation Payroll Tax Expense FICA Payable Medicare Payable SUI Payable FUI Payable
Debit 196.21
Accts. Debited Sales Sal. Office Sal. 360.00 356.00 -
Other 10.00 -
Credit 93.37 30.77 63.27 (4.5% X 1406) 8.80 (.8% X 1100)
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