Accounting Equation Bank Reconciliation Statement Homework Help
- November 29, 2017
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Question 1.The following information is available for Delta Company as of April 30, 2014:
a. Cash on the books as of April 30 amounted to $114,175.28. Cash on the bank state- ment for the same date was $141,717.08.
b. A deposit of $14,249.84, representing cash receipts of April 30, did not appear on the bank statement.
c. Outstanding checks totaled $7,293.64.
d. A check for $2,420.00 returned with the statement was recorded as $2,024.00. The check was for advertising.
e. The bank service charge for April amounted to $26.00.
f. The bank collected $36,400.00 for Delta Company on a note. The face value of the note was $36,000.00.
g. An NSF check for $1,140.00 from a customer, Hasan Ali, was returned with the statement.
h. The bank mistakenly deducted a check for $800.00 that was drawn by Alpha Corporation.
i. The bank reported a credit of $460.00 for interest on the average balance.
1. Prepare a bank reconciliation for Delta as of April 30, 2014.
2. Prepare the necessary journal entries from the reconciliation.
3. State the amount of cash that should appear on Delta’s balance sheet as of April 30.
4. Why is a bank reconciliation a necessary internal control?
Question 2. Jumping Java Inc. currently sells gourmet coffee through multiple outlets. You are a consultant, and the company is asking you for guidance for two possible plans, A or B, for expanding sales.
Plan A: Jumping Java would begin selling additional products online directly to customers, which are only currently sold directly to stores. These new online customers would use their credit cards. The company currently has the capability of selling through its website with no additional investment in hardware or software. Credit sales are expected to increase by $250,000 per year. The costs of these sales will be $135,500. Credit card fees will be 4.75% of sales, and additional recordkeeping and shipping costs will be 6% of sales. These online sales will reduce the sales to stores by $35,000 because some customers will now purchase items online. Sales to stores have a 25% gross margin percentage.
Plan B: The company would expand its market to more stores. It would make additional credit sales of $500,000 to those stores. Cost of sales for store sales will be $375,000. Additional recordkeeping and shipping costs will be 4% of sales, and uncollectible accounts will be 6.2% of sales.
1. Compute the additional net income or loss expected under Plan A and Plan B.
2. Should the company pursue either plan? In a one to two page memo, discuss both the financial and nonfinancial factors relevant to this decision.
Question 3:. In 2015, Ginger Graham, age 46 and wife of Greg Graham, engaged in the transactions described below. Determine Ginger’s gift tax liability for 2015 if she and Greg elect gift splitting and Greg gave their son Stevie stock valued at $80,000 during 2015. Ginger’s grandmother Mamie died November 12, 2014, and Mamie’s will bequeathed $250,000 to Ginger. On March 4, 2015, Ginger irrevocably disclaimed the $250,000 in writing, and, as a result, the property passed instead to Ginger’s sister Gertie. In 2015, Ginger gave $100,000 cash to her alma mater, State University. In 1996, Ginger had given ownership of a life insurance policy on her own life to her daughter, Denise, and in 2015 Ginger paid the $22,000 annual premium on the policy. In 2012, Ginger deposited $45,000 into a bank account in the name of herself and son Stevie, joint tenants with rights of survivorship. Stevie deposited nothing. Neither party made a withdrawal until 2015, when Stevie withdrew $30,000. In 2015, Ginger created a trust with County Bank as trustee and transferred $300,000 of stock to the irrevocable trust. She named her husband Greg (age
47) to receive all the trust income semi-annually for life and daughter Drucilla to receive the remainder. In 2015, she gave a remainder interest in her beach cottage to the American Red Cross and kept the right to use the cottage rent free for the rest of her life.
The fair market value of the cottage was $70,000.
Other information: Ginger’s earlier taxable gifts are $175,000, all made in 1996.
Ginger will make whatever elections are necessary to minimize her current gift tax liability. Assume the Sec. 7520 interest rate is 4%.
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Question 4:Prepare the journal entry to record each of the following independent transactions. (Use the number of the transaction in lieu of a date for identification purposes.)
1. Services provided on account of $1,530
2. Purchases of supplies on account for $1,365
3. Services provided for cash of $750
4. Purchase of equipment for cash of $4,240
5. Issuance of a promissory note for $2,500
6. Collections on account for $890
7. Sale of capital stock in exchange for a parcel of land; the land is appraised at $50,000
8. Payment of $4,000 in salaries and wages
9. Payment of open account in the amount of $500
Question5:On September 20, Courtland Company purchased merchandise from Cox Supply Company for $3,650 FOB shipping point with credit terms 2/10/n/30. Culver Freight Company charged $350 to deliver the merchandise, which Cortland paid on 20 September. Courtland records freight charges directly into merchandise inventory. Courtland paid Cox for the merchandise on September 30. On October 1, Courtland Company sold merchandise in the amount of $5,800 to Carter Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Courtland uses the perpetual inventory system. On October 4, Carter returned some of the merchandise, which is returned to inventory. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. On October 31 Carter paid Courtland for merchandise purchased.
1) Prepare the journal entry or entries that Courtland will make on the following dates: September 20 and 30 and October 1, 4, and 31, assuming that payments made within the discount period will have discounts taken.
2) What are the:
1) gross margin(profit), and
2) cost of goods sold, and
3) gross margin (profit) percentage, and
4) cost of goods sold percentages on the Carter sales?
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