Buy Accounting Intermediate Assignment

Buy Accounting Intermediate Assignment

#1, The following balance sheet was prepared by the bookkeeper for joseph Adeophonse company as of december 31th,2012′
Joseph Adephones cccompany
Balance Sheet
As of December `31,2012.
Cash 85,000 Account payable 90,000
Account Receivable (net) 52,000 Long term Liabilities 100,000
Inventory 57,000 Stockholders equity 218,500
Investment 76,000
Equipment (net) 106,000
Patent 32,000
408,500 408,500
The following additional information is provided:
1,,Cash include the cash surrender value of a life insurance policy $9,400 and a bank overdraft of $2,500has been deducted .
2, The net accounts receivable balance includes
a, Account receivable -debit balances $60,000
b, Account receivable -credit balance $4,000
c, Allowance for doubtful accounts $3,800
3, Inventory does not include goods costing $3,000 shipped out on consignment received of $3,000, were recorded on these goods
4,Investment include include investment in common stock , trading $19,000 and available for sales $48,300 , and franchises $9,000
5, Equipment costing $5,000 with accumulated deperciation $4,000 is no longer uesd and is held foe sales . Accumulated depreciation on the equipment is $40,000.
Instruction
Prepare a balance sheet in good form i.e it must balance.
#2
Selected Financial statement information. and addition data for Talib Company is presented below. Prepare a statement of cash flows for the foll sh flows for the year ending December or the year r ending December
31, 2012.
December 31
2011 2012
Cash $42,000
Accounts receivable[net] 84,000 144,200
Inventory 168,000 201,600
Land 58,800 16,000
Equipment 504,000 789,600
TOTAL $856,800 $1,226,400
Accumulated depreciation] $84,000 $115,600
Account payable 50,400 86,000
Notes payable – Short-term 67,200 29,400
Notes payable – Long-term 168,000 302,400
Common stock 420,000 487,200
Retained earning 67,200 205,800
TOTAL $856,800 $1,226,400 $1,226,400
Additional data for 2012:
1. Net income was $240,200.
2. Depreciation was $31,600.
3. Land was sold at its original cost.
4. Dividends of $101,600 were paid.
5. Equipment was purchased for $84,000 cash.
6. Along-term note for $201,600 was used to pay for an equipment purchase.
7. Common stock was issued to pay a$67,200 long-term note payable.
#3 The trial balance before adjustment of Lucas Company reports the following balances:
Debit Credit
Accounts receivable $120,000
Allowance for doubtful accounts 730
Sales $510,000
Sales returns and allowances 8,000
Give journal entries assuming that the estimate of uncollectibless is determined by taking (1) (1) 5% of gross accounts
receivable and able and (2) 1% of net sales.
#4 On December 31,2012,Durgapersad Company finished consultation services and accepted in exchange a promissory note with a face value of $600,000, a due date of December 31, 2015, and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note ory note
with a face value of $600,000, a due date of December 31, 2015, and a stated rate of 5%, with interest receivable at the end of each year. The fair value of the services is not readily determinable and the note is not readily marketable
each year.The fair value of services is not readily determinable and the note is not is readily marketable, Under t . Under the circumstaces, the note is considered
to have anappropriate imputed rate of intrest of 10% rate of intrest of 10%. erst of 10% .
The following factor are provided .