Reference no: EM13929398
The following trial balance was prepared for Village Cycle Sales and Service on December 31, 2013, after the closing entries were posted:
.png)
Village Cycle had the following transactions in 2014:
1. Purchased merchandise on account for $260,000.
2. Sold merchandise that cost $243,000 on account for $340,000.
3. Performed $80,000 of services for cash.
4. Sold merchandise for $60,000 to credit card customers. The merchandise cost $41,250. The credit card company charges a 5 percent fee.
5. Collected $348,000 cash from accounts receivable.
6. Paid $265,000 cash on accounts payable.
7. Paid $115,000 cash for selling and administrative expenses.
8. Collected cash for the full amount due from the credit card company (see item 4).
9. Loaned $50,000 to Lee Supply. The note had an 9 percent interest rate and a one year term to maturity.
10. Wrote off $830 of accounts as uncollectible.
11. Made the following adjusting entries:
(a) Recorded three months interest on the note at December 31, 2014 (see item 9).
(b) Estimated uncollectible accounts expense to be .5 percent of sales on account.
Required:
Prepare general journal entries for these transactions; post the entries to T-accounts; and prepare an income statement, a statement of changes in stockholders equity, a balance sheet, and a statement of cash flows for 2014.
|
Accounting, and miscellaneous expenses
: Terry traveled to a neighboring state to investigate the purchase of two hardware stores. His expenses included travel, legal, accounting, and miscellaneous expenses. The total was $52,000. He incurred the expenses in June and July 2015. Under the fo..
|
|
Documented income and expenses for the year
: He asks you to help him prepare his Federal income tax return. When you inquire about why his bank deposits substantially exceed his tip income, he confides to you that he is a bookie on the side. Trevor then provides you with the following documente..
|
|
Ira contribution
: On the advice of her parents, Janice is trying to decide whether to contribute $1,000 to the traditional IRA her parents set up for her. What effect would the IRA contribution have on Janice's itemized deductions?
|
|
Case management programs
: case management programs are usually considered to be an element of the Quality Assurance Program. However, some health care professionals believe that they may be more interested in managing costs rather than quality of care.
|
|
Estimated uncollectible accounts expense
: Loaned $50,000 to Lee Supply. The note had an 9 percent interest rate and a one year term to maturity.
|
|
Summary - companies get caught in the pension vise
: Write two pages summary, choose three of them, Black, T. (2012, March 5-11). Companies get caught in the pension vise. Business Week. Coy, P. (2014, March 10-16). Meet the President's new friend, myRA. Business Week
|
|
Use of sniffers for a cyber-attack
: Write a 550- to 750-word paper describing a situation in which the use of sniffers for a cyber-attack would cause a serious problem for an organization. Describe the countermeasures for preventing the attack, detecting the attack, or recovering from ..
|
|
Describe specific techniques most useful in reducing
: Describe specific techniques most useful in reducing or overcoming that specific problem behavior.
|
|
Determine the compressor overall efficiency
: Determine the stage pressure rise and stage efficiency when the degree of reaction is 50% and drag to left coefficient 0.08 - Determine the compressor overall efficiency assuming constant work is done in each stage.
|