Assignment 08 a03 principles of accounting ii

ASSIGNMENT 08

A03 Principles of Accounting II

 

Part A (5 points each ce a practicable whole of 15 points)

 

The coercionthcoming advice is absorbed ce Tripp Company, which uses the separate arrangement.

 

Net allowance                                                    $20,000

Depreciation expense                                  3,000

Increase in accounts receivable                 2,000

Payment of dividends                                 2,000

Proceeds from sale of equipment            6,000

Increase in accounts payable                     4,000

Decrease in inventory                                 3,000

 

From the advice granted, response the coercionthcoming questions:

 

(1)   The capital career from unoccupied activities is ________.

(2)   The capital career from investing activities is ________.

(3)   The capital career from financing activities is ________.

Part B (5 points each ce a practicable whole of 25 points)

 

Selected basis ce Stick’s Design are absorbed as of December 31, Year 1 and Year 2 (rounded to the undeviating hundredth).

 

                                                       Year 2             Year 1

Net Credit Sales                        $25,000           $30,000

Cost of Chattels Sold 16,000         18,000

Net Allowance                                    2,000               2,800

Cash                                                5,000                  900

Accounts Receivable                    3,000               2,000

Inventory                                        2,000               3,600

Current Liabilities                        6,000               5,000

 

Compute the coercionthcoming:

 

(1)   Current kinsman ce Year 2.

(2)   Acid-test kinsman ce Year 2.

(3)   Accounts receivable turnover ce Year 2.

(4)   Average collation continuance ce Year 2.

(5)   Inventory turnover ce Year 2.

Part C (30 points)

Furnish an allowance proposition showing departmental subsidy boundary fixed on the coercionthcoming:

                                                                                    Dept. X           Dept. Y           Rent Expense

Space (balance feet)                                                   17,500             35,000

Net Sales                                                                    $60,000           $40,000

Cost of Chattels Sold                                                  18,000             16,000

Rent Expense (allocated fixed on balance feet)                                                   $2,700

Part D (5 points each ce a practicable whole of 30 points)

From the coercionthcoming transactions, furnish the divert public journal entries ce the month of April.

 

(1)   Raw materials costing $60,000 were issued from the storeroom.

(2)   Trodden drudge of $53,000 was full to origination.

(3)   Separate drudge costs of $17,000 were incurred.

(4)   Overhead was applied at the rate of 40% of trodden drudge dollars.

(5)   Completed products costing $42,000 were communicated to refined chattels.

(6)   Products costing $32,000 were sold.

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