The following Extra Credit Assignments are now due on Sunday, May 10th, midnight. PLEASE EMAIL THE EXTRA CREDIT ASSIGNMENTS WITH THE SUBJECT LINE ‘EXTRA CREDIT ASSIGNMENTS’ INSTEAD OF UPLOADING THE FILES ON CANVAS.
Chapter 1 Extra Credit Assignments:
Falcon Services – 2 points
Chapter 3 Extra Credit Assignments:
BE-A3 – 2 Points
BE-C1 – 3 Points
BE-C2 – 3 Points
BE-C4 – 3 Points
Chapter 5 Extra Credit Assignments:
E5-19 (Requirement 2 only) – 2 Points
E5-18 – 5 Points. Calculate the ratio and average collection period for TarMart and CostGet. Also answer the second part of the question, that is, which company is the most efficient.
Chapter 6 Extra Credit Assignments:
P6-7A (Requirements 2 & 3) – 3 Points
E6-2 – 5 Points.
Illustration 6-5 – 15 Points (This problem has been uploaded under the folder ‘Chapter 6 Extra Credit’. I have also uploaded the excel template for FIFO and LIFO in that folder.)
Chapter 7 Extra Credit Assignments:
BE7-11 2 Points
BE7-12 – 2 Points
BE7-9 – 3 Points
Chapter 10 Extra Credit Assignments:
BE10-4: Record the issuance of the par value stock 3 Points.
BE10-8: Record the issuance of stock (the first transaction) only 3 Points.
You can find the templates for the Multiple-Step Income Statement under ‘Chapter 6 Resources’, Cash Flow Statement under ‘Chapter 1 Resources’, and General Journal under ‘Chapter 2 Resources’ in Canvas.
Falcon Services – 2 points
BE-A3 – 2 Points
BE-C1 – 3 Points
BE-C2 – 3 Points
BE-C4 – 3 Points
E5-19 (Requirement 2 only) – 2 Points
E5-18 – 5 Points. Calculate the ratio and average collection period for TarMart and CostGet. Also answer the second part of the question, that is, which company is the most efficient.
P6-7A (Requirements 2 & 3) – 3 Points
E6-2 – 5 Points.
Illustration 6-5 – 15 Points (This problem has been uploaded under the folder ‘Chapter 6 Extra Credit’. I have also uploaded the excel template for FIFO and LIFO in that folder.)
BE7-11 2 Points
BE7-12 – 2 Points
BE7-9 – 3 Points
BE10-4: Record the issuance of the par value stock 3 Points.
BE10-8: Record the issuance of stock (the first transaction) only 3 Points.
Chapter 3
BE-C4: Prepare a post-closing trial balance
The year-end adjusted trial balance of Gulf Coast Media Co. included the following account balances:
- Cash: $4,200
- Supplies: $1,100
- Equipment: $19,600
- Accumulated DepreciationEquipment: $3,400
- Accounts Payable: $2,800
- Unearned Revenue: $900
- Common Stock: $10,000
- Retained Earnings: $5,700
- Dividends: $1,300
- Service Revenue: $15,400
- Salaries Expense: $8,900
- Rent Expense: $3,100
Required: Prepare the post-closing trial balance.
Chapter 5
E5-19: Uncollectible Accounts (Requirement 2)
Suzuki Supply reports the following amounts at the end of 2024 (before adjustment):
- Credit Sales for 2024: $260,000
- Accounts Receivable, December 31, 2024: $55,000
- Allowance for Uncollectible Accounts, Dec. 31, 2024: $1,100 (credit)
Required: Record the adjusting entry for uncollectible accounts using the percentage-of-credit-sales method. Suzuki estimates 3% of credit sales will not be collected.
E5-18: Receivables Ratios
Using the annual report data below (in millions):
| Company | Beg. Accounts Receivable | End. Accounts Receivable | Net Sales |
| TarMart | $6,166 | $6,694 | $67,878 |
| CostGet | $629 | $665 | $68,963 |
Required: Calculate the receivables turnover ratio and the average collection period (rounded to one decimal place) for TarMart and CostGet. Which company appears most efficient in collecting cash from sales?
Chapter 6
P6-7A: Baskin-Robbins (Requirements 2 & 3)
Data for July 2024:
- Inventory (July 1): $2,300 | Inventory (July 31): $1,100
- Cost of Goods Sold: $28,700 | Sales Revenue: $69,800 | Sales Returns: $1,100
Required:
- Calculate the inventory turnover ratio for July. Would you expect this ratio to be higher or lower in December 2024? Explain.
- Calculate the gross profit ratio for July.
E6-2: Wayman Corporation Multiple-Step Income Statement
Data: Sales revenue $390,000; Interest exp $20,000; Salaries exp $40,000; Utilities exp $50,000; Income tax exp $50,000; COGS $130,000; Advertising exp $30,000.
Required: Prepare a multiple-step income statement for the year ended December 31, 2024.
Chapter 7
BE7-11: Straight-Line Method
Hawaiian Specialty Foods purchased equipment for $30,000. Residual value: $3,000. Service life: 4 years.
Required: Record depreciation expense for each of the first two years using the straight-line method.
BE7-12: Activity-Based Method
Machine cost $30,000; Residual $3,000. Expected total hours: 20,000. Hours used: Year 1 (3,100), Year 2 (3,400).
Required: Record depreciation expense for the first two years using the activity-based method.
BE7-9: Partial-Year Depreciation
El Tapatio purchased furniture on Sept. 1, 2024, for $45,000. Residual: $6,000. Life: 10 years.
Required: Calculate depreciation expense for 2024 and 2025 using straight-line (Dec. 31 year-end).
Get this or a similar paper done in as fast as 4 hours, 24/7.
NB: We do not sell prewritten papers. All essays are written from scratch according to specific needs and instructions
Leave a Reply
You must be logged in to post a comment.