Accounting Equation Net Income Homework Help
- December 1, 2017
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- Category: Accounting
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1. John’s Cream Soda, Inc., makes specialty soft drinks. At the end of 2012, John’s had total assets of $390,000 and liabilities totaling $260,000.
a. Write the company’s accounting equation, and label each amount as a debit or a credit.
b. The business’s total revenues for 2012 were $480,000, and total expenses for the year were $350,000. How much was the business’s net income (or net loss) for 2012?
c.Write the equation to compute the company’s net income, and indicate which element is a debit and which is a credit. Does net income represent a net debit or a net credit?
2. Melanie Vail Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2012, the following balances relate to this plan.
Plan assets – $480,000
Projected benefit obligation – 625,000
Accumulated OCI (PSC) – 100,000 Dr.
As a result of the operation of the plan during 2012, the following additional data are provided by the actuary.
Service cost for 2012 – $90,000
Settlement rate – 9%
Actual return on plan assets in 2012 – 57,000
Amortization of prior service cost – 19,000
Expected return on plan assets – 52,000
Unexpected loss from change in projected benefit obligation,
due to change in actuarial predictions – 76,000
Contributions in 2012 – 99,000
Benefits paid retirees in 2012 – 85,000
Directions Situation Measurement Journal Entry Disclosure Resources
(a) Use a computer spreadsheet to prepare a pension worksheet. On the pension worksheet, compute pension expense, pension asset/liability, projected benefit obligation, plan assets, prior service cost, and net gain or loss.
3. JB Ltd’s projected profit for 2015 is $550,000, based on a sales volume of 200,000 units. JB Ltd sells USB flash drive for $15 each. Variable costs consist of the $9 purchase price and a $1 shipping and handling cost. JB’s annual fixed costs are $450,000.
a) Calculate JB Ltd’s break-even point in unit sales and dollars.
b) Calculate JB Ltd’s margin of safety in units.
c) Calculate JB Ltd’s profit for 2015 if there is a 15% increase in projected unit sales.
d) For 2015, management expects that the unit purchase price of the USB flash drive will increase by 10%. Calculate the sales revenue JB Ltd must generate for 2015 to maintain the current year’s profit ($550,000) if the selling price and fixed cost remain unchanged.
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4. Jane Kent is a licensed CPA. During the first month of operations of her business, Jane Kent, Inc., the following events and transactions occurred.
May 1 Stockholders invested $25,000 cash in exchange for common stock.
2 Hired a secretary-receptionist at a salary of $2,000 per month.
3 Purchased $2,500 of supplies on account from Read Supply Company.
7 Paid office rent of $900 cash for the month.
11 Completed a tax assignment and billed client $2,100 for services provided.
12 Received $3,500 advance on a management consulting engagement.
17 Received cash of $1,200 for services completed for H. Arnold Co.
31 Paid secretary-receptionist $2,000 salary for the month.
31 Paid 40% of balance due Read Supply Company.
Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.
(a) Journalize the transactions.
(b) Post to the ledger accounts.
(c) Prepare a trial balance on May 31, 2008.
5. Let’s put all the pieces together now. Suppose that you are analyzing Martin Company. You know that at the beginning of the year, the assets equaled $320,000 and the liabilities equaled $176,000. During the year, assets increased by $48,000 and equity increased by $74,400. The change in equity includes all increases and decreases. Further analysis reveals that the changes in equity were caused by revenues of $223,200 and expenses totaling $112,320 during the year. Because of your understanding of the accounting equation, you realize that distributions (dividends) to the stockholders must have also occurred during the year. However, you must determine the amount for those distributions.
What is the amount of distributions made to the owner of Martin Company during the year?
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