Financial Accounting Perpetual Inventory System Homework Help
- November 16, 2017
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- Category: Accounting QA
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1. VAP Corporation received cash of $24,000 on August 1, 2012 for two year’s rent in advance and recorded the transaction with a credit to Rent Revenue. What is the December 31, 2012 adjusting entry? Assuming VAP chooses to make reversing entries, what is the required reversing entry under the guidelines for this transaction?
2. A&O Corp. provided the following information for May 2012, from its perpetual inventory system:
May 1 balance 500 units @ $25 | May 8 sales 300 units @ $35 |
May 10 purchases 400 units @ $30 | Mary 19 sales 200 units @ $40 |
Assuming the LIFO perpetual method, calculate A&O’s May 2012 cost of goods sold.
3. A&E Company’s accounting records indicated the following information for May 2012:
Inventory, 5/1/12 $ 99,000
Purchases during May 69,000
Sales during May 129,000
A physical inventory taken on May 31, 2012, resulted in an ending inventory of $70,000. A&E’s gross profit is 50% on its cost. A&E suspects some inventory may have been taken by a new employee. At May 31, 2012, what is the estimated cost of missing inventory?
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4. On January 1, 2012, A&E Co. acquired a new truck with a fair value of $27,000. In exchange, A&E traded an old truck with a cost of $29,000, accumulated depreciation of $11,000, and a fair value of $30,000. In this exchange, A&E received a cash difference of $3,000. Assuming that this exchange lacks commercial substance, show calculations for any gain or loss that should be recognized by A&E on this exchange (round to the nearest dollar).
5. PVP Co. obtained a Patent on 1/1/2010, incurring legal costs of $21,000. The company amortizes the Patent over 10 years. PVP successfully defended its Patent on 1/1/2011, incurring $5,400 in legal fees. Calculate the amortization expense for 2011.
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