Call us 24/7: + 1(925)399 0085

Get your paper done by an expert

No matter what kind of academic paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcer. Save more time for yourself.

WhatsApp + 1(925)399 0085
$ 10
free
  • bibliography
  • title page
  • revisions
per page
19 k happy customers
4.7 out of 5 satisfaction rate
27 writers active

ACCT 220

Need to questions answered today.

 

 

Problem 3: 15% points:

The following items were taken from the post adjusted trial balance of Flop Company. (All balances are normal.)

 

      Mortgage payable                          $  1,443           Accumulated depreciation      3,655

      Prepaid expenses                                  880           Accounts payable                    1,200

      Equipment                                       11,000           Notes payable after 2016        1,444

      Long-term investments                      1,100           Flop’s capital                         10,480

      Short-term investments                     1,756           Accounts receivable                2,690

      Notes payable in 2015                       1,000           Inventories                              2,100

      Cash                                                   1,696           Service Revenue                     9,000

      Rent Expense                                    1,000           Wages Expense                       5,000

      Utilities Expense                               1,000

Instructions: Prepare a classified balance sheet in good form as of December 31, 2014.

 

 

 Problem 4: 10% points:

 

Prepare journal entries to record the following transactions entered into by Flip Company:

 

  2012   

June    1     Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.

 

Nov.    1     Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.

 

Nov.    5     Flap, Inc. returned merchandise worth $500.

 

Nov.    9     Received payment in full from Flap, Inc.

 

Dec.  31     Accrued interest on Flop’s note.

 

  2013   

June    1     Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013

 

Problem 5: 10% points:

 

Flip Company purchased equipment on July 1, 2011 for $90,000. It is estimated that the equipment will have a $5,000 salvage value at the end of its 5-year useful life. It is also estimated that the equipment will produce 125,000 units over its 5-year life.

Instructions

Answer the following independent questions.

1.   Compute the amount of depreciation expense for the year ended December 31, 2011, using the straight-line method of depreciation.

2.   If 14,000 units of product are produced in 2011 and 26,000 units are produced in 2012, what is the book value of the equipment at December 31, 2012? The company uses the units-of-activity depreciation method.

3.   If the company uses the double-declining-balance method of depreciation, what is the balance of the Accumulated Depreciation—Equipment account at December 31, 2013?

 

 

Acct220                                                                                                          Page 3 of 9


Problem 6: 10% points:

 

Flip earns a salary of $7,500 per month during the year. FICA taxes are 8% on the first $100,000 of gross earnings. Federal unemployment insurance taxes are 6.2% of the first $7,000; however, a credit is allowed equal to the state unemployment insurance taxes of 5.4% on the $7,000. During the year, $25,600 was withheld for federal income taxes and $5,700 was withheld for state income taxes.

 

Instructions

(a)    Prepare a journal entry summarizing the payment of Flip’s total salary during the year.

(b)    Prepare a journal entry summarizing the employer payroll tax expense on Flip’s salary for the year.

(c)    Determine the cost of employing Flip for the year.

 

 

Our guarantees

Study Acers provides students with tutoring and help them save time, and excel in their courses. Students LOVE us!No matter what kind of essay paper you need, it is simple and secure to hire an essay writer for a price you can afford at StudyAcers. Save more time for yourself. Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

Our Homework Writing Disciplines

With a highly diverse team in almost all academic fields including: