Reference no: EM13762801
Problem 1: Ramsey Corporation reported the following accounts and balances in its financial statements:
Cash
|
$35,000
|
Inventory
|
510,200
|
Equipment
|
519,500
|
Accounts payable
|
516,350
|
Contributed capital
|
530,000
|
Retained earnings
|
518,350
|
Arrange the accounts and balances into the accounting equation using the following equation and then answer the following questions: Assets = liabilities + owners' equity
1. What is the total amount of assets?
2. What is the total amount of liabilities?
3. What is the total amount of owners' equity?
Problem 2: After sk months of operations, Right Way Lumber had the following revenues and expense balances:
Supplies expense
|
$11,000
|
Service revenue
|
862,090
|
Utilities expense
|
86,200
|
Rent expense
|
814,700
|
Wages expense
|
813,330
|
Prepare an income statement in its proper format ending on June 30, 2009. You should include the heading and left align it so the formatting is understandable.
Problem 3: Jim Smith had trouble finding a job, so he decided to start his own sole proprietorship by the name of Designers Inc. Jim is a Web site designer, and here are the results as of the end of the first year of his business.
Accounts payable
|
512,100
|
Cash
|
519,150
|
Service revenue
|
520,000
|
Contributed capital
|
521,000
|
Wages expense
|
4,100
|
Inventory
|
4,445
|
Rent expense
|
5,000
|
Equipment
|
516,325
|
Supplies expense
|
54,080
|
Retained earnings
|
56,820
|
Prepare a balance sheet in its proper format with the heading left aligned.
Problem 4: Utopia Dance Clubs, Inc., rented an old warehouse for its newest club on October 1, 2010. To receive a discount, Utopia paid $11,700 for 18 months of rent in advance. Assume no additional rent is paid in 2011 and 2012 and answer the following questions:
a. How much rent expense will be recognized for the year ended December 31, 2010?
b. What will be the balance in the prepaid rent account at December 31, 2010?
c. How much rent expense will be recognized for the year ended December 31, 2011?
d. What will be the balance in the prepaid rent account at December 31, 2011?
e. How much rent expense will be recognized for the year ended December 31, 2012?
f. What will be the balance in the prepaid rent account at December 31, 2012?
Net annual cost of the checking account
: What would be the net annual cost of the following checking account?
|
Weighted average contribution margin per unit for lambardi
: Lambardi Company sells 3 types of bags. Bag A sells for $17 and has variable cost of $9.00 per unit. Bag B sells for $12 and has variable cost of $12.00 per unit. What is the weighted average contribution margin per unit for Lambardi?
|
Ethical dilemma that has plagued a publicly traded company
: You should select an ethical dilemma that has plagued a publicly traded company within the last 3 years. You should bring in the AIPCA Code of Professional Conduct in analyzing the ethical lapse.
|
Problems on on behavioural health
: Describe two biomedical methods(tertiary prevention) or dealing with the health problemthat is downstream methods.
|
Prepare an income statement in its proper format
: Prepare an income statement in its proper format ending on June 30, 2009. You should include the heading and left align it so the formatting is understandable.
|
How does the setting contribute to characters development
: How does the setting contribute to the character's development? How does the setting contribute to the character's experience and give the story more meaning?
|
Find the estimated cast for a production level
: Total costs were $76,700 when $26,000 units were produced and $95,000 when 37,000 units were produced. Use the high-low method to find the estimated cast for a production level of 32,000 units.
|
Create a portfolio equally as risky as the market
: You want to create a portfolio equally as risky as the market, and you have $500,000 to invest. Information about the possible investments is given below: Asset Investment Beta Stock A $ 146,000 .91 Stock B $ 134,000 1.36 Stock C 1.51 Risk-free asset..
|
Do you think the companys revenue goal is realistic
: Explain how purchase of the apple press might affect the company's revenue goals. Based on this information, explain whether Anthony's Orchard should invest in the apple press.
|