ee ‘ACC120— Final Exam Review Problems (Chapters 7,8,9,11,12,13,14) ‘QUESTION #2 (947: verter oestrone Dts tected Ot 3.08 at sth ak ad {ne steer shows an eng bare 590 Used on be ser retcoteon of na senie are 58 NSF ccs lacing 585,49 28 care omc nave cash ens be buses ered adnan chasing SH ond ‘epost ntact S175, Gung Obst he bees rece 3 S240 hey Gn Sales Expense ae ceShng Cash S2t The business Cash cout stows an Odober aan e107 4, “Complete the Bank Reconliation for Vern Carter forthe month ended October 31,2038. 2. Jouralie the required entries from the reconciliation. Whe iE castle wee Aaepgee 1 VEE CORT TET, Seah, Begaaboken Book 940 | GaBene, Oct3 120 Drosha (755 Trent ani lane, Oct $1 201F dd: 4 Reat Blecher. | 420 atstandh ata) keg. Error ~ ley ke Gey Cis) cls Sn cs freak | ces} Pantngchoks es) Adjostel Ball Osje0h_Al¥O Adjosreb Bell, Or 21 20 | 2190 2 [O43] Gao CaF Keven, j CES. a Vn, = nS ee 3 Cook 2, Ors! |Scdau Cepene& Ue Goh Al’‘At December 31, 2012 the Accounts Receivable balance of Fle Ostributlon Servic i $225,000, The Allowance for Bad Debts hasan $18,810 crest balanes Before any adjustment. Foley Distrlbulon Service prepared an aging sched forts ecounts ‘receivable which showed the amount of estimated bad debts tobe $29,960 sep Daod Requirements: Crosson 1. Jouratze the yearend adjusting entry fr bad debts on the bass ofthe aging schedule calculation Show the ‘Faczount for the Alowance for Bod Debts t December 31,2012, 2. Show how Foley woul reports net Accounts Recehable on ts December 31, 2012 balance sheet Date ane Debi cea Qe5) |Back Abt Coxe 50 Alecia fur ked Deb ZEEE 20%o rape 2180 20% Show how Foley would report its net Accounts Receivable on is December 31,2012 balance she leuk LA 2 eae Wie “4 sacl ag (20, faa Mink KOBE Sf, LOYD S QUESTION #3 (42 Calculte the gross pay for Mike Sosa. This week he worked 48 hours and his straighttime pay rate is $12 per hour He gets paid overtime (at ime and 3 hal) for any hours over 40. lf Mike has 7.65% deducted for FCA (OASD! and Medicare) 1% deducted for Income Tex Withholding (Federal and State), and $125 deducted for medica insurance, smnge ne rte Nd Puss "055 Oty : “or py - 0 Gass water . a Fed Can.7l) Br ifs 1a Inctay (43.60) eat Mdlns, (wes) Nek Qhy 35%. ‘On the next page, provide the journal entries for Mike Sosa’s payroll accrual on Dec. 31, 2014 AND payment ofthe payroll on lanuary 5, 2035 using your figures from aboveoe ezount Da Gea [et | Selon, Whine Piper (24.00 T Fitch Pauah@ 40.0 Lac Tar wth holding Pg Bol G3,60 MecliceS Lasecancs” Pee bb 125.00 Y wage Lay ah, 1.66 Pe Hi, le yc he 351.6 G 357.0o Provide the joura entry that Mike's EMPLOYER woul make to record the accrual of payel tates forthe payrollon De: 34,2026, Use 7.5% for FCA, 6 for FUT, ond 5.6% for SUTA (all wags are subject a FUTA snd SUA) Tae Recount Dati Tea Luyall Pygence SG a“ AYibG 2.7: Furth Biyake 3. SA tiga 75 ‘question 4c qupment purchased atthe beginning of he sal year fo $250,000 Is expected to have a useful ife of years or 15,200 operating hous, nda residval vale of $20,000. Compute he on 2 ie by each ofthe following rethods: (2) straighesine ywactsa : (ISq000-3vceSyeas = 24,000 06h {8} nts production (2.500 hous ist year; 3.250 hours second yea) Bens a (0) Doubie dectning-blance (Round the answer to the nearest doa) (3) (50,000 ~ 30,00) _ 73000 brs YRl= "$y 2500 = 720,000 pec Mowe yee: We 7254 = 126,000 ( yeact = UsGo00-c) *2xF: GQovo Yrar 2 = (150, 00)~ bbw ¥ 2 v & ~ 236,000 ‘ha woul the book value ofthe Eubmente afer yar one astume strahesne deprecation? 150,000 Cus £2400) -Accrrulihd Bapreicber : 126,000 Bok Valve